Are you ready to own a home but are not sure you will qualify due to lack of a down payment?   

Rural Development may be able to help you!  USDA Rural Development has partnered with local lenders to help them extend 100% financing opportunities to rural individuals and families.

The Advantages:

•  No Down payment is required.
•  Flexible credit score guidelines.

• No maximum purchase price limit.

•  Closing costs can come from any source including gifts.       

•  Repairs and improvements can be included in the loan.

•   Competitive fixed 30-year rates.

• Apply with a local participating lender of your choice.

 Eligibility criteria: 

• Occupy the property as your primary residence.
• Do not own an adequate home.
• Do not have sufficient cash for a 20% down payment plus pay typical loan closing and relocation expenses.
• Be a U.S. citizen, a U.S. non-citizen national or a “qualified alien”. 
• Provide stable and dependable income for repayment ability.
• Have a credit history that indicates a willingness to meet obligations as they become due.
• Have an adjusted household income that is within Rural Development guidelines based on the number of persons who will occupy the home.  
• Purchase a residential property that is located in a Rural Development eligible area. 

Choose Rural Development as the first option

• No mortgage insurance saves you a lot of money.  Mortgage insurance raises your monthly payment, which REDUCES the amount of a home loan you may qualify to purchase.  Guaranteed loans may allow you to qualify for a newer or larger home to meet your needs 

• Did you know that the typical mortgage insurance premiums for the first 10 years on a $100,000.00 loan could cost you $6,000 or more?  The mortgage insurance can continue beyond the 10 years.  The cost of Rural Development's guarantee is only $2,000.00 on a $100,000.00 loan. 

• No mortgage insurance allows you to qualify for a larger mortgage amount. 

• There is little or no cash required for a down payment or closing costs in most cases.