USDA Loans are mortgages offered by the United States Department of Agriculture to rural property owners. This loan is different from the traditional mortgage in that it requires no down payment, and allows up to 100% financing of the property value. To be eligible the borrower must be purchasing an owner occupied home that falls within a rural area as defined by the USDA. There are also income restrictions per county that limit eligibility. The type of USDA Loans available from Regent are Guaranteed USDA Loans.
- Applicants for this type of loan may have up to 115% of the median income for the county. All wage earners living in the home are taken into account.
- Approved Lenders include, Any FCS Lending institution with direct lending authority, the U.S. Veterans Administration, Fannie Mae, Freddie Mac, Ginnie Mae, and any lenders participating in other USDA Rural Development and/or Farm Service Agency guaranteed loan programs.
If you are living within the USDA “footprint” which defines your area as rural, and are within these financial guidelines, a USDA Loan might be a viable option for home financing.