The mission of USDA Rural Development’s Single Family Housing Guaranteed Loan Program is to assist low to moderate income rural home buyers achieve their dream of home ownership!
USDA Rural Development uses approved local lenders to extend 100% financing opportunities to eligible rural individuals and families for the purchase of safe and sanitary dwellings. These federally guaranteed loans have made it possible for thousands of homeowners to purchase a home with affordable interest rates and loan terms.
To be eligible, applicants may have an income up to 115% of the median income for the area. In the Dallas – Ft Worth – Arlington Metropolitan Statistical Area (MSA) that means that families of 1-4 can earn $80,650 and families of 5-8 can earn $106,450 and still qualify. Click here to see the income limits for other areas.
Applicants must also purchase a home within the eligible rural areas.
From the map you can see that there are excellent opportunities just east of a line from Lowery Crossing to Wylie to Rockwall. One awesome neighborhood in the eligible area that comes instantly to mind is Grand Heritage in Lavon,TX.
Additional USDA Guaranteed Loan Features include but are not limited to:
100% financing, no down payment is required. The loan amount may not exceed 100% of the appraised value plus the guarantee fee. (Guarantee fee may be rolled into the loan amount.)
Flexible credit guidelines. Non-traditional credit histories may be accepted.
Fixed 30 year interest rates apply. Lenders and applicants agree upon interest rate.
Qualifying ratios are 29% for housing costs and 41% for total debt. Lenders may request an exception to exceed these ratios when strong compensating factors are identified.
No maximum purchase price. Qualifying ratios and the applicant’s stable and dependable income will determine home affordability.
Eligible property types include existing homes, new construction, modular homes, Planned Unit Developments (PUD’s), eligible condominiums and new manufactured homes.*Eligible closing costs and lender fees may be included in the loan or paid by the applicant.
Gift/Grant Funds/Mortgage Credit Certificates (MCC’s)/Seller Concessions are allowed.
Eligible repairs and improvements may be included in the loan.
Applicants apply with an approved lender of their choice.
Not limited to first time home buyers.
USDA Guaranteed Housing Loans – Still 0% Down!!!
Income and property eligibility vary from county to county so be sure to contact FireBoss Realty to review your unique situation.
FireBoss Realty would love to help you if you are looking for Homes for sale in Wylie, Homes for sale in Sachse, Homes for sale in Murphy, Homes for sale in Lucas, Homes for sale in Allen, Homes for sale in McKinney, Homes for sale in Plano or Homes for sale in Collin County.
- What’s a USDA Loan? (kentuckyfirsttimehomebuyer.com)
- USDA Loan Guidelines (mortgagewithmemories.com)
- What You Need To Know About A Mortgage… BEFORE You Get One!!! (firebossrealtyaroundtown.com)
- Zero Down Payment Loans – Information and FAQ – Zillow (houseofbrokersrealty.wordpress.com)
- The Main Advantages Of USDA Loans (businessgrows.wordpress.com)