USDA GUARANTEED RURAL HOUSING LOAN HIGHLIGHTS

  • 100% Financing/No Down Payment
  • No Monthly Mortgage Insurance/Lower Monthly
  • 2% Funding Fee
  • Maximum LTV 102%/Loan Amount is based on Appraised Value
  • No Maximum Loan Amount
  • Borrowers must meet Income Limits for Total Household Members
    New Income Limits for All Areas -
    Marion/Linn Counties: 1 to 4 members:  $73,600
                                     5 to 8 members: $97,150
    New Eligible Areas -
    Usually populations under 25,000
    Quickly determined by Property Address
    Go to: 
    http://eligibility.sc.egov.usda.gov
  • Homes must be owner occupied, single-family and non-farm
  • New Manufactured Homes purchased through an approved dealer are eligible
  • Many other options are available through USDA...http://www.rurdev.usda.gov/or/
  • Don't need to be First Time Home Buyers
  • Borrowers cannot own other properties
  • USDA has Guidelines and Lenders have their Overlays