USDA Zero Down Payment Rural Housing Loan
USDA Rural
Housing Zero Down Payment Loan
1. 1. Applicants must meet
income-eligibility. This amount varies from county to county. See below for
some areas.
2. 2.
Purchase home in
eligible rural areas.
3. Must personally
occupy the house as primary residence.
4. 4. Must be US Citizen, US
non-citizen national or Qualified Alien.
5. Must have legal
capacity to incur loan obligation (qualify for loan).
6. Purchase property that meets all program
criteria: condos OK, duplexes No, must be permanent (no mobile homes, must be
in good condition (extra inspection required), have all essential household
equipment including, wall-to-wall carpeting, ovens, ranges, refrigerators,
washer, dryers, heating and cooling equipment as long as conveyed with the
dwelling.
7. Closing costs and
reasonable/customary expenses associates with the purchase may be included.
8. No down-payment
required.
9. 2% guarantee fee
required that is rolled into the loan and minimal monthly mortgage insurance
fee.
10. Underwriting and
credit score requirements are often more stringent that for FHA loans.
Income Limits for 1-4 People:
Dane County: $94,600
Rock County: $75,650
Jefferson County: $86,600
Green County: $80,700
Columbia County: $84,750
Go to THIS SITE to find out if a specific address
qualifies.
·
Information deeded
reliable, but not guaranteed