Rural Development Loans (USDA)
About Rural Development Loans (USDA)
What are Rural Development Loans (USDA)?
Rural Development loans are offered in rural areas as determined by the United States Department of Agriculture (USDA). The USDA’s mission is to help lower-income households obtain home loans at reasonable mortgage rates. USDA home loans offer many advantages to qualified borrowers.
USDA mortgage loans allow for purchase and no cash-out refinances of primary residences. Some benefits of USDA are:
• 100% financing
• No asset or automatic reserve requirements
• Gifts allowed for closing costs
• Eligible USDA property types include single-family homes and condominiums. USDA does have some income and property eligibility requirements.
Even though a mortgage insurance premium is not required, USDA charges a 2.75% Guarantee fee to guarantee the mortgage. This fee may be financed into the loan amount.
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Contact Matt Enright to Get Started on Your Rural Development Loan
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Matthew Enright (NMLS# 1534960) is your senior loan officer with Cason Home Loans. As a Columbus Ohio mortgage loan advisor, Matthew Enright can help you achieve your vision for your future home!
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