The USDA loan program is a great option for homebuyers seeking 100% financing. If you’re looking or considering purchasing a home in an eligible rural area, you may be eligible to qualify for this awesome program. Choose one of the options:
Occupancy required: Owner Occupied
The borrower needs to live in the house throughout the lifetime of the loan
Eligible Properties
- All homes need to be located in a rural area and approved by the USDA
- Attached / Detached SFRs and PUDs
- Low/Mid/High-Rise Condos and site Condos
- Modular homes (These are not considered to be manufactured and are eligible under the guidelines for 1 unit properties)
Bankruptcy and Foreclosure Rules
- CH 7 Bankruptcy: 3 years since discharge
- CH 13 bankruptcy: proof of on-time payments for 1 year after the bankruptcy AND permission from the court
- Foreclosure: 3 years since completion
Term: 30 year fixed ONLY
Transaction types:
- Rate & Term (Non-Streamlined) Refinance
- Streamlined Refinance
- Streamlined-Assist Refinance
