Did you know that you may be able to buy a house with no money down?

USDA rural housing loans are geared toward homebuyers who buy a home in rural areas or even some semi-rural towns. 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.

You may also check the USDA website to confirm the property eligibility and income limits for the subject property and area (you will see those links on the left navigation). In today’s shrinking credit market, USDA rural housing loan programs are one of the only 100% mortgage financing options in the marketplace. At My Own Mortgage, we specialize in processing USDA loans.

We are licenced in RI, MA, CT, NH, VT, and ME

USDA Rural Housing Loan Program Highlights (subject to change):

  • No downpayment required.
  • Reduced PMI (private mortgage insurance). The monthly USDA guarantee fee premium is lower than both Conventional and FHA loans at maximum financing.
  • Up front guarantee fee can be financed into the loan balance, 102% financing for purchase and 101% financing for refinance transactions.
  • 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 United 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.

Click Apply Now to get started with your USDA loan pre-approval.