USDA Loan Program

It is hard to beat the flexibility and great rates of USDA rural housing loans. These programs are geared toward homebuyers who live in rural areas of the Country and who have little to no money to put down. USDA rural housing loan programs offer flexible, common sense underwriting guidelines, relaxed credit requirements, no PMI (private mortgage insurance) options, the ability to finance closing costs into the loan amount, lenient seller concessions, and rates that are comparable to, if not better than, conventional fixed rate mortgage programs. Your first step should be to call an Carolina Mortgage Team Loan Specialist (800-853-0764) to see if you are in an area where properties may be eligible for USDA rural housing loans. A USDA rural housing mortgage expert will research your property and determine if both you and the property will qualify. In today’s shrinking credit market, USDA rural housing loan programs are one of the best 100% mortgage financing options in the marketplace. Give Carolina Mortgage Team a call today for more details.
USDA Rural Housing Loan Program Highlights:
	Loans may be for up to 102% of the appraised value or sales price (whichever is lower). A one time 2% guarantee fee can be included in the loan which is how the loan can go up to 102%. This feature allows buyers to finance this expense into the loan amount versus paying it out of pocket.
	No PMI (private mortgage insurance)
	Secure, fixed-rate 30 year mortgages
	Sellers can assist with paying the buyer’s closing costs
	Little cash reserves needed for qualified borrowers.
Partial List of Eligibility Guidelines for USDA Rural Housing Mortgages:
	Homebuyers must be Untied States’ citizens, qualified aliens, or legally admitted to the U.S. for permanent residence.
	Adjusted annual household income cannot exceed the moderate income limits for the area. A family’s size and child care considerations may increase chances for qualification if deductions are applicable.
	Primary residences only
	Home must be located in rural areas. This may include open country, and places with populations under 25,000 residents. An USDA Loan Advisor will be able to assist you in researching the eligibility requirements in your area.