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USDA Rural Developement Loan
aka: Single Family Housing Guaranteed Loan Program
- Does not have to be a first-time homebuyer
- Income and geographic restrictions apply
- Minimum 0% down payment
- Funds for closing can come from:
- gift funds from relatives
- grants
- borrower’s own funds
- borrowed funds against secured asset
- Chapter 7 & 13 bankruptcy acceptable (subject to certain restrictions)
- Loan is assumable
- Interest rates are comparable to conventional rates
- Fixed rates only
- No prepayment penalties
- Flexible qualifying guidelines
- Refinance up to 100% (Rate/Term only)
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