USDA RURAL HOUSING PROGRAM

The USDA Guaranteed Rural Housing program is often overlooked by home buyers. We have found that many of our clients have benefited from the program.

A Rural Development mortgage loan is guaranteed by the US Department of Agriculture, a government agency. For that reason, the lender's risk is limited and the guidelines are established by the USDA.

We think the USDA program is excellent for the following reasons:

• No Down Payment Required, 100% Financing
• No Monthly Mortgage Insurance, No Monthly PMI
• Always a Competitive Interest Rate (30 year Fixed Only)
• No Limit To Seller Contributions
• Can Loan Up To Appraised Value
• Easy Documentation with a Mid-Credit Score Of 660
• Liberal Qualifying Ratios of 29% And 41%
• Gifts funds are allowed for settlement fees, etc.

Other considerations:

• Property must be located in Rural area, per USDA Maps
• Income Limits do apply per county, adjusted for number in household

     You can check a property address and family income limits per county at the USDA Website.  Use this Link ::  USDA

• The Home must have adequate electric, plumbing and heating
• The Home must meet or exceed thermal standards for insulation
• Only available as a 30 year Fixed Rate program
• USDA Guarantee fee of 2.0% paid at closing
• Generally, the value of land can not exceed 30% value of property
• The Mortgage Loan is Assumable, but original borrower not released from liability
• Property tax and insurance escrows are always required

Both interest rate and closing costs are very competitively priced.  We would be happy to pre-approve you for this or another loan program, please call today.

Contact Bryan Parmley anytime at (315) 682-4600.  Day, evening and weekend appointments are welcome. 

With hundreds of programs from over 30 lenders, we can find the loan program for you.  We arrange loans with both local and national banks.