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USDA RURAL DEVELOPMENT – 100% LOAN

by Sherry Carney

September 05, 2018

USDA RURAL DEVELOPMENT – 100% LOAN

USDA RURAL DEVELOPMENT – 100% LOAN

Are you ready to purchase a home but don’t have anything saved to put down? If you are willing to move outside the city limits just a bit, think about USDA – Rural Development Guaranteed purchase loans.

USDA/RD has household income limits and the borrower cannot own another home (except the one they are selling to purchase a new one).   The property must be in an approved RD area to be eligible. Favorable credit and work stability are crucial for approval. Additionally, USDA/RD has a lower monthly MI premium than FHA or Conventional loans.   Best of all it’s a 100% loan, so no down payment. If you can get the seller to chip in some of the closing costs you may be able to get into the home for the cost of your appraisal or less!

Let’s take a look.   Income limits for the general Middle Tennessee MSA

1 – 4-person household max income is $82,700 annually*

5 - 8-person household max income is $109,150 annually*

*There are some discounts available for the number of children, daycare expenses, or disabled persons in the home, so if you’re close to the max, check with us, you may be eligible for discounts.

More on USDA/RD income limits click here

 

USDA/RD also revised their property eligibility maps recently. These are easy to find and if you have the full address you can check the exact property eligibility. If you do not have an exact address you can increase the map size and view the area where you would like to live to check the parameters of the eligible areas. The interactive map can be enlarged so that you can view streets and neighborhoods with ease.

For more on property eligibility visit USDA

Is USDA/RD/Guaranteed the right loan for you and your family’s next home? Let Guaranty Trust help you navigate the options. We would be honored to be a part of your new home purchase!

 

Sherry.carney@guarantytrust.com

NMLS#135462

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