Mortgage and grant programs are available if you and the property you want meet USDA home financing qualifications
The United State Department of Agriculture (USDA) Rural Development Guaranteed Loan Program is a home mortgage program that helps you buy finance rural property for a home or business. To meet the USDA home financing qualifications, both you and the property must fit guidelines.
USDA home financing qualifications include both property and income. The USDA has programs for single-family housing, multi-family housing and businesses through both loan and grant programs. While you may research the eligibility of a property of interest online, it may be easier to talk with an employee at your local USDA office.
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You can also determine if your income meets the USDA home financing qualifications on the USDA website. The income requirements vary from state to state, and they're based on several different factors. When you visit the website, you'll answer questions about the size of your family, your income and childcare expenses. Thest factors determine if you qualify for funding through the section 502 Guaranteed Rural Housing Loan Program or the Section 502 Direct Rural Housing Loan Program. If you qualify for any additional types of financing, you'll also be notified.
USDA home financing for multi-family homes and business properties is also available through the following programs:
- Business and Industry Guaranteed Loans
- Rural Community Development Initiative
- Rural Business Opportunity Grant
- Rural Economic Development Loan or Grant Program
- Renewable Energy for America Program
- Rural Microentrepreneur Assistance Program
If you meet USDA home financing qualifications, you may be able to buy a home or start a business with no money down. These programs offer flexible terms and credit-guidelines. Talk to a local USDA representative or ask your local lender about USDA programs to learn more. To connect with lenders near you, go to Reply! now.