USDA Rural Housing Loans

USDA rural housing loans are low to no money down mortgage products designed for home buyers in rural communities throughout the United States. USDA rural housing loans are only available in areas deemed eligible by the US Department of Agriculture (USDA). USDA home loan programs also have income requirements which must meet certain criteria. Unlike many conventional loan programs, making too much money may impact one's ability to qualify as USDA mortgage programs are geered toward lower and middle income borrowers. USDA's web site provides a tool where you can research a property by its address to see if it is in an area that qualifies. You may be surprised to find the some areas which you may view as non-rural are eligible.

Current USDA Mortgage Rates

The survey of mortgage rates listed throughout this web site is not for USDA mortgage rates. At this time, MoneyRates, who compiles the survey, does not collect USDA rural housing loan rates. Your best bet may be to contact several of the companies listed in the survey and ask is they are currently offering USDA mortgage loan programs. You may also want to check with the companies listed on the right hand column of this page to review their low and no money down financing options.

USDA Rural Housing Loan Highlights (Subject to Change).

• USDA financing for up to 100% of the appraised value or sales prince of the home - whichever one os lower.
• Unlike most low money down mortgage programs, there is no Private Mortgage Insurance (PMI).
• Seller closing cost assistance may apply.
• Home buyers must be US citizens, qualified aliens, legally admitted to the US for permanent residence.
• Property must be used as borrower's primary place of residence.

List of some companies offering USDA mortgage loans and/or other low money down alternatives:

American Financial Resources is a national mortgage lender headquartered in Parsippany, New Jersey that offers USDA mortgage programs throughout much of the United States. They are also one of the country's leading FHA mortgage lenders which may be a solid option for borrowers in both rural and more urban communities. You can reach an AFR mortgage consultant by calling 800-316-9508 to discuss your 100% home loan financing needs.

While American Bank does not offer USDA rural housing loans at this time, they do provide VA loan and FHA mortgage programs around the Nation. FHA loans require 3.5% down while VA loans can offer a no money down mortgage option. To speak with someone at American Bank, dial 877-728-3569.

Note: While you cannot find USDA mortgage rates on BurlingtonMortgage.biz, you can research FHA mortgage rates and VA loan rates in the survey above. Just use the "All Loan Types" dropdown box and select one of the FHA or VA products. Be sure to speak with several lenders and broker to verify pricing as rates and terms can change due to numerous variables.