The Loan Lady Blog

Very few people know about one of the best loan programs available today.  It is the USDA program for rural housing.  This loan program offers 100% financing with no monthly mortgage insurance.  There is a one time guarantee fee of 2% of the purchase price that can be financed with the loan, resulting in 102% financing.

The program is designed to stimulate growth and improve housing quality in rural areas, but many of the eligible areas are not what most people would consider rural.

Other features of the loan include no first time home buyer requirement, no reserve requirement, no minimum credit requirement (although a score of at least 620 is recommended), and no minimum buyer contribution.  There are maximum income limits.

To find out more about this program, check if your income qualifies, and determine if a specific property address is eligible, go to:  http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do  or contact me for an appointment.