USDA No Money Down Home Loans help people living in small towns or rural areas achieve homeownership with NO down payment. The USDA Guaranteed Home Loan program offers flexible credit guidelines, competitive interest rates, and low monthly mortgage insurance rates. Best of all, it does not require a down payment!
Do you qualify for a USDA No Money Down Home Loan?
Borrower Eligibility Guidelines:
- Borrowers must have adequate and dependable income.
- Annual household income cannot exceed the program limits. The average annual limit for most areas of Ohio, Indiana, Kentucky, and Florida is approximately $82,700 (family of 1-4) and $109,150 (family of 5-8).
- Borrowers must have a credit history that indicates a reasonable willingness to meet obligations.
Property Eligibility Guidelines:
- Home must be structurally sound, functionally adequate, and in good condition.
- Property cannot be a working farm. Newer barns are allowed as long as there aren’t any animal stables. Property cannot have any tillable acreage.
- Home must be located in a rural area as defined by the USDA. Rural areas include open country and places with a population of 10,000 or less and –under certain conditions, town and cities between 10,000 and 25,000.
Features of USDA No Money Down Home Loans
- No down payment is required. This a true 100% financing loan.
- Generally easier to qualify for than conventional loans.
- Fixed rate mortgages.
The USDA No Money Down Home Loan is a GREAT program! Contact us today to learn more about this program and find out if you qualify.
Ready to apply? Click here to fill out our home loan application. We’ll review your credit and your financial information and let you know what programs you qualify for. You have nothing to lose, so apply today!