Does anyone know much about the Rural Housing Loans? Any experience? Any info?

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April 15 2013 - Cantrall
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Hi Zouliekaball86 - typically lender's require a minumum of a 620 FICO Score. 
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November 18 2013
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Is there a credit score requirement for the USDA housing loan??

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November 18 2013
The USDA Rural Development Loan program is one of the last true No Money Down Loan options on the market. Backed by the United States Department of Agriculture's (USDA), these safe and secure loans offer:
  • 100% Financing – No Down Payment!
  • Flexible Credit Guideline
  • Fixed Interest Rates
  • No Maximum Loan Amount
  • New and Existing Homes are Eligible
In short,affordability – This is what USDA Loans through the experts at the USDA Loan Agency have to offer. With the help of these affordably priced, fixed interest loans, Americans all across this great nation are realizing their dreams of home ownership
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June 09 2013
No problem! And we completely understand, the process can be hectic. So, start by applying for your new home loan now and get an idea where you stand.  Once your application is reviewed, an experienced loan officer can give you better guidance and direction.  You may or may not need to sell your current home before you buy another.
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April 16 2013
Thank you both, I will work on seeing if I am elegible regarding income. However, I do already have a mortgage, but am wanting to sell it. Should I work on that first? So many things going on and not sure where to start. With selling my house, or working on the loan for the other? 
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April 16 2013
Hi Gretchen - USDA home loans are pretty unique and extremely beneficial. As you may know, the two most important features are the 100% financing and low monthly mortgage insurance.  As Mark mentioned, check and see if you meet the income and property requirements.  If so, a USDA loan will be your best bet.
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April 16 2013
This is a great loan, and rates are currently very low. You will need to check if your income fits the criteria, based on family size. Go to: http://eligibility.sc.egov.usda.gov/eligibility/incomeEligibilityAction.do?pageAction=state&NavKey=income@11 and go through the screens to determine if you are eligible.

If you qualify based on income, we can go from there.

Thanks,

Mark
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April 16 2013
I had a realtor mention this type of loan to me, but it almost just sounds too good to be true. Other than the income requirements, what others factors need to be met for eligibility. The property i am interested in, is in fact in an eligible area. Who should i speak with about it, who handles these types of loans? or is this really too good to be true?
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April 16 2013
Do you have a specific question or concern?
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April 16 2013
 
Related Questions
Does anyone know much about the Rural Housing Loans? Any experience? Any info?
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Latest answer by Alex Munoz
November 18 2013 | 9 answers
  • Asked by Gretchen Whalen
  • In Mortgage
  • April 15 2013
Mortgage Rates
 
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