USDA Loans

This type loan is available for qualified buyer if the single family home is in a designated rural area. This program is similar to the fha loan except that the mortgage insurance paid monthly is .35% of the loan amount instead of .85% AND this loan requires no down payment compared to FHA 3.5% minimum down payment.

This loan is only for owner occupied homes. These loans have maximum loan amounts available but varies depending on the County, minimum FICO scores and strict rules for income verification and debt to income ratios. A borrower with a previous foreclosure, short sale and/or bankruptcy can qualify for this type of loan after a set waiting period has elapsed.

There is an income cap on this program so if a borrower makes too much money for the family size, they would not qualify. On Purchase transactions, borrower closing costs can be provided by gift. Financing may be fixed or variable rate loans.

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Ryan Holtz