Rural Development Loan Assistance Program (UD+SDA)

Guaranteed Housing Loans
Eligibility: Applicants for loans may have an income of up to 115% of the median income for the area. Families must be without adequate housing, but be able to afford the mortgage payments, including taxes and insurance. In addition, applicants must have reasonable credit histories.

The Advantages:

• No Down payment is required.
• Flexible credit score guidelines.
• No maximum purchase price limit.
• Closing costs can come from any source including gifts.
• Repairs and improvements can be included in the loan.
• Competitive fixed 30-year rates.

Eligibility criteria:

1. Occupy the property as your primary residence.
2. Do not own an adequate home.
3. Be a U.S. citizen, a U.S. non-citizen national or a “qualified alien”.
4. Provide stable and dependable income for repayment ability.
5. Have a credit history that indicates a willingness to meet obligations as they become due.
6. Have an adjusted household income that is within Rural Development guidelines based on the number of persons who will occupy the home.
7. Purchase a residential property that is located in a Rural Development eligible area.

To see if you qualify and the home you are looking to purchase is in a Rural Development eligible area, CLICK HERE.