USDA (Rural) Loans

With a USDA Rural Development Home Loan, qualified borrowers can purchase or refinance a designated U.S. Department of Agriculture rural property up to 100% loan-to-value with a fixed rate mortgage. These loans are not limited to first time homebuyers, and no down payment is required. Flexible credit guidelines apply.

A USDA (U.S. Department of Agriculture) Loan may be a great option for you if:

You’re a first-time or repeat homebuyer; and
You want a 0% down payment; and
You’re interested in buying or building a home in an eligible “rural area,” which includes many suburban areas fairly close to cities; and
You’re a low- to moderate-income buyer.

USDA Loan benefits and features:

Borrower’s income: Can’t exceed the USDA Rural Development limits for the area.
Down payment: Minimum is 0%. The one-time USDA guarantee fee can be included in the loan financing. Mortgage insurance is required.
Credit score minimum is usually 640.
Eligible properties include single-family homes, new construction, modular homes, planned unit developments (PUDs), and eligible condominiums.
Gifts and grants permitted from family or government assistance agencies.
Other requirements and conditions apply.

CONTACT THE JEAN GROUP today for more information about Fixed-Rate Mortgages and about which type of loan and rate program will best help you achieve your goals.