Eligible Properties in Rural Areas

Guaranteed by the U.S. Department of Agriculture, this loan is available to those buying or refinancing a property in an eligible rural area (as determined by USDA). No down payment is required and this loan features flexible income and credit qualifications. The loan also requires a borrowers’ household income to be below certain income thresholds as determined by USDA.

Features of This Loan

• No down payment required
• Down payment and closing and prepaid costs may be paid funded by a gift from a relative, friend or a qualified non-profit grant
• Lower annual fee as compared to private mortgage insurance (PMI)
• May qualify for a streamlined refinance with no appraisal required and a lower guarantee fee

Consideration Points for Borrowers

• Little savings or little equity
• Less than perfect credit
• Low to moderate income (per USDA’s income thresholds)
• Currently have a USDA Loan and wish to refinance

For more information, give Foote Capital Mortgage Company a call at (717) 249-7500. Our expert mortgage advisors are ready to answer your questions and would love to work with you!