If you live in or near a rural area, there is an excellent government program that can help you obtain a home loan.
The United States Department of Agriculture (USDA) Guaranteed Rural Housing (GRH) loan program offers a conventional 100% loan; meaning zero down payment! In addition, there is no requirement for mortgage insurance or cash reserves.
However, there are certain specific requirements for this loan, both for the borrower and for the location of the property. The borrower must not have the means for the down payment on a regular conventional loan, and the borrower must plan to occupy the property. You do not need to be a first-time homebuyer. Your income cannot be above 115% of the U.S. median income, adjusted by family size.
While there is no monthly mortgage insurance (insurance collected to protect the lender), there is a one-time, upfront 'guarantee' fee that can also be financed into the loan, thus bringing the loan amount to 103.5% of the home cost. Below are some of the benefits and guidelines of a USDA Guaranteed Rural Housing loan program:
- No first-time homebuyer requirements
- Eligible in rural areas with a population of 20,000 or less
- 102% loan to value financing (2% up-front Guarantee Fee included)
- Annual fee of 0.30% of the unpaid principle balance will be included in monthly payment
- 30-year fixed rate
- No financial reserve requirements
- Income limitations vary per applicable city or area
- Seller can contribute up to 6% of the sales price towards your closing cost
Please contact me anytime for more details on any loan program or option on our website. With decades of experience and professional closings, I can guarantee my service, the best rates, and most accurate program to meet your needs. If you are or ever have been in law enforcement in California please contact me to discuss your home loan options today.
If you live in or near a rural area, there is an excellent government program that can help you obtain a home loan.
The United States Department of Agriculture (USDA) Guaranteed Rural Housing (GRH) loan program offers a conventional 100% loan; meaning zero down payment! In addition, there is no requirement for mortgage insurance or cash reserves.
However, there are certain specific requirements for this loan, both for the borrower and for the location of the property. The borrower must not have the means for the down payment on a regular conventional loan, and the borrower must plan to occupy the property. You do not need to be a first-time homebuyer. Your income cannot be above 115% of the U.S. median income, adjusted by family size.
While there is no monthly mortgage insurance (insurance collected to protect the lender), there is a one-time, upfront 'guarantee' fee that can also be financed into the loan, thus bringing the loan amount to 103.5% of the home cost. Below are some of the benefits and guidelines of a USDA Guaranteed Rural Housing loan program:
- No first-time homebuyer requirements
- Eligible in rural areas with a population of 20,000 or less
- 102% loan to value financing (2% up-front Guarantee Fee included)
- Annual fee of 0.30% of the unpaid principle balance will be included in monthly payment
- 30-year fixed rate
- No financial reserve requirements
- Income limitations vary per applicable city or area
- Seller can contribute up to 6% of the sales price towards your closing cost
Please contact me anytime for more details on any loan program or option on our website. With decades of experience and professional closings, I can guarantee my service, the best rates, and most accurate program to meet your needs. If you are or ever have been in law enforcement in California please contact me to discuss your home loan options today.