Rural Housing Mortgages are a good option for you if:

• You are buying your first home.
• You need more relaxed underwriting critera.
• You don't have a lot money for closing costs or down payment.
• You want to buy in outer suburbs, or rural areas.

• Underwriting is relaxed, compared to Conventional Mortgages.
• You need a score of 640 or higher.
• You do not need a down payment for a Rural Housing loans.
• You do not need a lot of money to qualify.  You only need to show you have the funds you need to close!
•  The seller can pay up to 6% of the sales price towards your closing costs.
• There is a geographical restriction to what you can use a Rural Housing loan to finance.  Contact us to find out if a property you are interested in qualifies.
• There is a strict income limit to Rural Housing loans, based on the number of people in the home, and the county the property is located in.  We can determine if you are over the limit during the pre qualification process.

The USDA charges two fees .

When you close, you are charged 2.75% of the starting loan amount.  This fee can be rolled into your starting loan balance.  The calculator at right is Rural Housing specific, and will illustrate how this  works.

USDA also charges a monthly premium, which is paid over the term of the loan.  Every year, the premium is re assessed downward, based on the remaining principal balance.