The Rural Housing Service (RHS), an agency of the U.S. Department of Agriculture (USDA), offers loan programs that provide qualified borrowers, who wish to live in rural areas, the ability to finance up to 100% with little or no down payment and favorable rates and terms.  Rural Housing Loans can help very-low, low- and moderate-income borrowers obtain affordable financing with little or no out-of-pocket costs.

 Income must be equal to or less than:

115% of the area medium income, or

115% of the average of the statewide and state non-metro median family income.

 Property must be located in a rural area as defined by the RHS:

Populations of 10,000 or fewer

Populations up to 20,000 if located outside a Metropolitan Statistical Area (MSA).

Type of properties that qualify for USDA program are:

Owner-occupied non-farm residences

1-unit Single Family Residences

Approved condominiums

Planned Unit Developments (PUDs)

1/2 of a Duplex

Modular homes

Some states may require Homebuyer Education for the First-Time Homebuyers.

“By Ed Eissa”