Financing for up to 102% of the Appraised Value of the Home

What is a Rural Development Mortgage?
The USDA Guaranteed Rural Development Mortgage program (Rural Housing) offers 100% financing, in addition to other benefits, for eligible buyers looking to purchase a home that meets the specific USDA guidelines. 

USDA Mortgage highlights include:
• No mortgage insurance required, regardless of down payment
(there is a required 2% Guarantee Fee that can be financed into the mortgage.)
• 100% financing– up to 102% of the appraised value when the Guarantee Fee is also financed.
• Loans up to $417,000
• Gifts from family allowed for down payment
• Seller contributions (concessions) are allowed

Buyer eligibility requirements:
Rural Housing mortgages are conventional loans that offer attractive terms for buyers who do not earn more than 115% of the HUD median household income for the property area. This is designated county by county. If you would like to know what it is for your county contact me and I can let you know. A credit score of 620 or higher is required, although non-traditional credit is allowed if there is limited credit history. Non-permanent resident alien buyers are also eligible for this mortgage program.

Property eligibility requirements:
The home must be located in a designated rural area. Properties cannot be income-producing or located on a farm. Other restrictions apply. Contact me for details.

What is not eligible for USDA Mortgages:
Farms, income producing property (although some mixed-use are eligible), undeveloped land, construction loans, and commercial property.

This is a great opportunity to buy a home with no Mortgage Insurance, no down payment, and great interest rates. What are you waiting for– call Marianne Lane at 540-915-3015 to see if you are eligible for this program.