These loans enable a borrower to purchase a home with no money down. You must meet certain income guidelines and the property must be located in an eligible Rural Housing zone.
In addition to no down payment, the USDA Rural Housing program allows for a 102% loan to help pay other closing expenses. Though a federal program, the loans are typically serviced through GNMS. You enjoy the same great, local service as with all our loan programs.
- Homes must be located in designated rural areas
- Must be within household income limits
- No down payment
- Loans available up to 102% of appraised value or sale price
- Fixed rate mortgages
- No requirement to purchase additional private mortgage insurance (PMI)
- No pre-payment penalty
- Save thousands of dollars in interest with Equity Advantage Program