USDA Single Family Housing Loan
The US Department of Agriculture, through its Rural Development program, offers a Guaranteed Rural Housing loan. This is a 30-year fixed rate mortgage with no prepayment penalty and no balloon.
- Down Payment – $0 down purchase mortgage (funds may be required for a streamline refinance)
- Loan Specific Fees – 1% up-front guarantee fee (financed) & 0.35 annual fee (included in payment).
- Income Limit – maximum allowable household income set by USDA found at: https://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do
- Location Restrictions – only property located in acceptable rural location confirmed at https://eligibility.sc.egov.usda.gov
- Minimum Credit Score – 620
- Up-Front Fees – $500 Appraisal Fee
Fairway is not affiliated with any government agencies. These materials are not from USDA, HUD or FHA, and were not approved by HUD or a government agency.