Rural Housing Service Guaranteed Loan

No Down Payment
With the help of the US Department of Agriculture guaranteed loan more people are able to qualify for a home loan. Sometimes steady income and good credit is not enough to qualify of a home loan. If you can't seem to save money for the down payment and closing costs you may be forced into paying rent when you really want a home of your own. Through the RHS Loan Program, moderate income people can qualify for a mortgage without a down payment! Current market rates for this loan are 7.50% fixed 30 year term. There is no limit on seller contribution and loans may include closing costs, pre-paids and guarantee fee. Who's Eligible
You must have an adequate and dependable income and a citizen or legally admitted for permanent residence. Your credit history must show the willingness to meet obligations and any collections and/or judgments must be paid before a loan is submitted to our underwriters.

What Homes Qualify
New or existing stick built or modular homes qualify, new manufactured homes also qualify as long as they are purchased from an RED' approved dealer and there are double wide on a permanent foundation. (Ask us for a listing of dealers)
Existing homes must be structurally sound, in good condition and meet USDA thermal standards. A home inspection and a termite inspection are required to ensure the dwelling is safe and termite free. Small acreage is allowed but must generally be 5 acres or less. Each county has a maximum income limit, loan limit and must be in a rural area Check with us on the limits and areas.