USDA Rural Development Loans

100% Financing Still Available with USDA Loans

It seems like it’s too good to be true! A mortgage program that doesn’t require 20% down and 700+ credit scores. One that is designed specifically for low to moderate income borrowers who would like a nice home, but don’t want to pay a lot for the privilege. Better yet, perfect credit is not required… you just need to show you’ll make the payments.

I have access to this program. Best of all,  there is NO downpayment required, NO mortgage insurance required and the loan is fixed for 30 years at competitive rates.

Let me introduce you to: The USDA Rural Development Guaranteed Rural Housing Loan in Indiana!

While this program is not for every buyer due to the requirement that it must be in a rural area, for those that qualify, it is an impressive program.

Let’s define a rural area. The areas include “open country and places with a population of 10,000 or less and – under certain conditions – towns and cities with between 10,000 and 25,000 residents”. There is an automated rural eligibility map here If you are unsure if the property meets the rural guidelines, this is where you can find out.

Here are some of the program highlights:

• No down payment required
• 30 year fixed rate
• 103% + financing (100% plus the guarantee fee that can be financed or payed for by the seller)
• Can finance closing costs if appraisal above sales price
• No mortgage insurance required
• No cash contribution required from borrower!!!!!!!
• Unrestricted gifts, no need to document source!!!!!!!
• No maximum loan amount
• No reserves required
• Competitive rates (as set by the underwriting lenders)
• Streamlined credit approval for scores above 640!!!!!

There are a few restrictions such as types of homes and maximum income with these programs. You can check for your state and county income limits here or contact me for assistance. You can send an email to scott@nwiloanguy.com or call me at 219-695-0369 if you are considering financing your new home through USDA (can only refinance through USDA if the loan is currently a USDA loan).

Ready to start the application process to see if this is the loan for you? Click here for the Application Center.

You can also check out my blog postings on Indiana USDA Loans.

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Our other website at FHA-203k-Loans.com

Hope you found this helpful. If you need more information, please feel free to contact me, your approved USDA Rural Development lender of choice for Indiana.

Don’t qualify for the Indiana USDA loan because of the area in which you live? That’s OK. Take a look at the Indiana FHA loan page to see if it is the right fit for you. It also has low credit score requirements and has a small down payment requirement compared to conventional loans.