Rural Housing Direct Loans are loans that are directly funded by the Government.
These loans are primarily used to help low-income individuals or households purchase homes in rural areas. Funds can be used to build, repair, renovate or relocate a home, or to purchase and prepare sites, including providing water and sewage facilities.
Key Features!
- 100 % financing
- Renovations are allowed
- Up to 115% of median income allowed for qualifying based on family size
- 30 year fixed rate
- NO PMI
- USDA Funding fee can be financed
USDA (United States Department of Agriculture) designed this loan for Rural Development. The property you’re purchasing much be in a USDA designated Rural area as defined by the map – USDA Property Map
USDA is a very popular program and often runs out of money every year until Congress approves the reallocation of funds to the program. If you’re interested in learning more about this program and to determine if you qualify, please e-mail us at ericburgess@imrmortgage.com or click here.
