The Only Mortgage Loan Options Guide You Need was written for you. Knowledge is power, and we want you to become a powerful home buyer in today's housing market. Download the 12-page guide below to discover your home financing options.
The USDA Rural Development (RD) mortgage loan option lets you buy an eligible home with 100% financing. This means that you don't need a down payment* to buy your house. But what does "eligible home" mean? It's basically a geographic rule. USDA does have income limits also, but an eligible house must be in an area considered "rural."
Here's a look at 7 homes you could buy with USDA rural development**
You can check the USDA rural development neighborhood eligibity here.
Agaon, rural development allows a home buyer to borrow 100% of the appraised value of an eligible home to buy it. Of course this means you don't need to have a down payment. The main requirement is that the property needs to fall within certain geographical areas, outside the city limits of major metropolitan centers.
No, this doesn't mean you have to live "way out in the sticks." Yes that's an option, but not necessary. Many areas that fall under the Rural Development umbrella are actually more suburban than you'd expect. Small towns and villages often fall into this category.
Here's the fancy explanation from our brainy folks: Under the Guaranteed Loan program, USDA Rural Development guarantees loans made by private sector lenders like AmeriFirst Home Mortgage. A loan guaranteed through RD means that, should the individual borrower default on the loan, RD will pay the private financier for the loan. You work with AmeriFirst and make your payments to us.
Learn more with the USDA rural development fact sheet at the button below.
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