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