The USDA Rural Development loan rocks

No down payment, fixed rate, low interest, no mortgage insurance.  Rocks.

This mortgage is available for people buying houses in eligible areas, basically anywhere outside of major metropolitan regions.  I live in South Dakota, where the entire state is eligible except for the bigger cities.  Again, South Dakota, so I use the word ‘cities’ loosely.

There are income caps to watch.  If your income is above the line, you’ll need to find a different loan.  Check the income chart carefully, though.  The income limits are bumped up for households with 5 or more people.  Also, if you can document child care or medical expenses, you may be able to use them to offset your income if you are close to the line for being eligible.  The income caps are only in effect for the day you apply.  If you hit the lotto six months after you move in, you still keep your loan.

This program is a phenomenal deal for those who qualify and are looking to buy a house in an eligible area.

Share this video.  And call or e-mail me if you have questions on this program.

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