Rural Housing Loan Program Lenders
Approved USDA direct lender Hometown Equity Mortgage would be pleased to assist you in determining if you qualify for a USDA home loan. Call us today for personalized service at 833-381-8733.
Hometown Equity Mortgage is now licensed to offer USDA home loans in 46 US states! Click here for the list
What is a Guaranteed USDA Rural Housing Home Loan?
The USDA Guaranteed Housing Loan Program is a government insured mortgage loan designed for low to moderate income families and individuals living in small communities and rural areas throughout America.
This home loan is often called a USDA mortgage, USDA Rural Home Loan, government rural loan, Section 502 loans, 100% financing loan or no money down home loan.
- No down payment (100% financed)
- Competitive mortgage rates
- Low monthly mortgage insurance (guarantee fee)
- Allows the seller to pay all of the buyer’s closing costs
- Up to 33 year fixed interest rates
We recommend you visit USDA Rural Development for all the current information.
*What Are Some of the Requirements to Qualify for a USDA Home Loan?
- Repayment ability is based upon the principal, interest, taxes & insurance divided by your gross monthly income, which must be equal to or less than 29%
- Total debt divided by gross monthly income must be equal to, or less than 41%
- Buyers must personally occupy the home following their purchase
- There are income eligibility requirements
- Minor credit problems may be waived
For more information on eligibility visit the USDA Income & Property page.
What Kind of Home Qualifies for a USDA Mortgage?
- Guaranteed USDA loans can be made on either new or exiting homes
- No limits on the price of the home you wish to buy
- There’s no restrictions on the size or home design
- The home must be in an eligible rural area
- Funds can be used to build, repair, renovate or relocate a home
- Funds can also be used to prepare sites, including providing water & sewage facilities
- Existing homes must be in good repair, functionally adequate & structurally sound
How Do I Get Started?
Hometown Equity Mortgage makes it easy. Call us and we’ll be happy to discuss your needs at: 833-381-8733
Disclaimer: Certain restrictions and credit approval apply; not all applicants will qualify. All approvals are subject to underwriting guidelines which include but are not limited to: acceptable credit & income history, current homeowners insurance, property value, debt to income ratio, etc. Minimum & maximum loan amounts apply. Please contact Hometown Equity Mortgage for further details.