USDA Loans

A USDA Rural Development Guaranteed Housing Loan is a mortgage offered through the Rural Housing Loan Service Program (RHS), an agency of the U.S. Department of Agriculture. The program offers to low- and moderate-income rural residents whose income is equal to or less than 115% of the area median income the ability to apply for a mortgage with little or no down payment or out-of-pocket costs while providing financing up to 100% LTV towards the purchase or refinance of a dwelling located in the designated RHS service areas.

USDA

• 102% maximum loan to value including financed guarantee fee
• Closing costs may be financed up to 100% of the appraised value
• Lower guarantee fees than FHA MIP
• No cash reserves required
• FICOs from 620

USDA Streamlined

• No DTI qualification or ratio restriction
• Non-credit qualifying – only mortgage rating is verified.
• No appraisal needed
• Mortgage only credit report accepted
• Closing costs may be financed
• Only requires a $50 reduction in mortgage payment for net tangible benefit