USDA Guaranteed Rural Housing Program - Home Financing OptionsHome Financing OptionsAre 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 Rural Development guaranteed loan program has assisted thousands of customers just like you. Tell your mortgage lender you want the USDA Rural Development Guaranteed Housing Loan.
- No down payment required
- No expensive monthly mortgage insurance means you may qualify for a larger loan.
- Flexible credit and qualifying guidelines.
- 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.
- 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.
- 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.
- Determine if the property is within the Rural Development eligible area.
- Use the link "Single Family Housing" under "Property Eligibility".
- Determine if your adjusted household income is within the Agency limits,
- Use the link "single family housing" under "income eligibility"
- Rural Development Nationally Approved Lender List - Any lender may participate in the program regardless of Rural Development approval status. Contact Rural Development for assistance.
- Guaranteed Loan brochure
- A "quick guide" overview to Guaranteed Loans
- For additional information contact your local Rural Development office.
- The Rural Development Office Locator website is: http://www.rurdev.usda.gov/recd_maps.html Or you can go to the home page of Rural Development for your state to find a listing of their offices.
- You can always look them up in the telephone directory blue pages under "United States Department of Agriculture", and then look for "Rural Development" or "Rural Housing Service.
- Set up an appointment with the mortgage lender of your choice for your pre-approval determination. The Agency maintains a list of nationally approved underwriting lenders. Any branch of these lenders can accept your application.
- If you have any questions, contact your local Rural Development office.
This program is a government insured home loan program for low-tomoderate income borrowers looking to purchase a home in a rural development area.Eligile in Non-Metropolitan areas, outside city limits - population of 25,000 or less (Post Falls, Rathdrum, Hayden norh of Lancaster Rd or West of Atlas Rd, Athol, Worley, Harrison, etc.)102% Financing - No Monthly Mortgage Insurance30 year fixed rate loanOne time guarantee fee of 2.0% of loan amountNo reserve requirementsPriary residence ONLY - Must NOT own other real estateSingle family residence or RD eligible condo/PUD, manufactured home must be new and RD approvedIncome Limits: Coeur d'Alene, ID RHS LOW INC 1-4 persons = 44100, 5-8 persons = 58200Coeur d'Alene, ID RHS MOD INC -GUARANTEED LOAN 1-4 persons $73,600, 5-8 persons $97,150
Please contact me with any of your Real Estate / Relocation / Referral needs:
Pam Jank, Realtor, GRI, CRS, ABR, RRS, PPS
Previews Property Specialist
Your North Idaho Real Estate Pro
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