There are some restrictions with the Rural Housing USDA Mortgage program, such as town restrictions can limit the area and there are some income restrictions based off the size of your family. Maine Mortgage Solutions can help you with every step of a Rural Housing USDA mortgage application process. We are extensively familiar with these loans and available to help you get started today!
Maine Mortgage Solutions Can Help You With Rural Housing/USDA
The United States Department of Agriculture offers a mortgage program through their Rural Development Department designed for borrowers living and purchasing homes in rural communities. This is not just a program for first time home buyers. The “Rural Housing” USDA Loan is a 100% financing program that is federally insured by the US Department of Agriculture.
The Rural Housing USDA Mortgage is a wonderful, flexible program for borrowers. The mortgage program has more relaxed requirements for minimum credit scores and is more forgiving of previous credit or financial mistakes of the applicant. There is no down payment required, as it is a 100% financing program. The USDA Loan saves you money each month of the life of your loan, because the mortgage insurance is much less costly than average. Rural Housing interest rates are also typically much lower. The seller of the home can be asked to pay all of your closing costs. There are also no purchase price restrictions on the home. There are no minimum requirements for staying in the home and no prepayment penalties for paying the loan off early.