The USDA Rural Development Single Family Residence Guaranteed Loan Program is a loan program designed by the USDA to help bring home buyers into areas deemed rural. This program allows for 100% financing with no down payment requirement, flexible credit guidelines, and you can include closing costs and repair costs in the loan. This is a great loan for first time home buyers, but unlike many other loans like it, there is no first time home buyers status required.

This loan is ideal for anyone who plans to live in an area deemed rural by the USDA. The reason this loan type is so attractive for those who qualify is its flexibility. You can use it to buy new construction or existing homes, modular homes, PUD’s, condos, and new manufactured homes. You can also borrow the full amount of the house leaving the funds you would otherwise have used on a down payment free to do repairs. The USDA allows sellers concessions, gift funds, and a multitude of other forms of fund assistance. And with the alternative credit qualification options, many potential home buyers who thought they could not qualify now can.

This is one of my favorite loan programs simply because it can be used by so many different types of applicants. It is certainly a loan type I would recommend looking into for anyone living in or planning to live in a rural community.

For more information on USDA Rural Development Single Family Residence Guaranteed loans, please contact me. And if you have anything to add about this wonderful loan type, please leave a comment.