This government guaranteed program is little known, but could be a great option for some buyers who need a mortgage with no down payment required. Many buyers, including those with low income or fixed income, are eligible for this 30-year fixed rate mortgage.
Some of the benefits of the program include:
- The mortgage amount is based on 100% of the appraised value of the property
- No down payment, and no minimum contribution
- No private mortgage insurance required
- Flexible credit guidelines
- Low interest rates
- No limit on seller concessions
There are some excellent resources online to give you more information about the types of property that qualify for this type of mortgage.
USDA Rural Development
USDA Rural Development Mortgage Guidelines
You can always contact one of our friendly, knowledgeable Mortgage Originators to find out more. They will help you find the right mortgage for you.