USDA - Rural Development

The United States  Department of Agriculture has been offering loans for quite some time. Many area's are approved to use this type of financing. This loan works simular to FHA or VA as far as qualifying. However, you are subject to income restrictions and geographical area's. Not all area's are approved for USDA.

This loan is now one of the strongest ways to finance a home in the qualified area's. The loan provides 102% financing which allows you to finance the 2% Funding Fee.

There used to be geothermal restrictions on homes. This past year this requirement was eliminated.

If you have a 620 credit score you are Credit Approved. If you are 1 day out of bankruptcy or foreclosure and you have a 620+ you can buy a home!

There is no limit to the amount a seller can contribute to your closing costs and pre-paid items.

There is no PMI.

There is no cash reserve requirments.

There is no sourcing or seasoning of cash required to close if any. So, if you bury your money in a cookie jar that is acceptable.

So, remember this loan and ask your loan officer about it. Or if you want to check the area's that are approved or check to see if your income qualifies then visit http://eligibility.sc.egov.usda.gov/

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