The USDA RD Loan is a great program to purchase a home with no down payment, and typically lower payment than other popular loan programs. The home must be in an eligible rural area defined by the USDA. These are typically rural unincorporated areas with under 50,000 inhabitants.
|Minimum Down Payment||0%|
|Terms (Years)||30 Year Fixed Only|
|Gift Funds Allowed||Yes|
|Eligible Homes||Single & Multi-Family, New Manufactured Homes|
|Seller Paid Closing Costs||Up to 6% of the Sales Price|
|Loan Limits||Determined by Income and DTI|
|MaxDTI||29/41% (Higher DTI’s May Be Allowed In Some Cases)|
|Minimum Credit Score||600 Mid FICO|
|Availability||All US States, Only USDA Eligible Areas, Owner Occupied|
*Other restrictions and guidelines apply. Please contact lender for full program details.
If you and your family make less than the maximum income limit for your area and family size, and the home is in an eligible area surrounding Redding, CA, this program is a great opportunity with little to no money down. Income limits and eligible areas change everywhere, so it is very important to speak to a USDA RD Loan expert before looking for your next home.
- 100% financing with no down payment.
- Flexible Underwriting.
- No Loan limit restrictions
- No cash reserves are required
- Property must be 8 acres or less
- Properties must be located in eligible rural areas (generally towns with a population of 20,000 or less that are removed from an urban area)
- Income limits are 115% of the U.S. Median Income (for most counties, the 4 person household income limit is $65,000 maximum)
- Borrowers are not required to be first time home buyers
- Minimum credit score of 620 from most lenders