What is the rural housing program about?

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All I can find online is the income stipulations and the eligibility requirements, but not what it’s for. We qualify financially and in our area, but what is it?
Thanks curse08. Sounds like nothing we want then! We have 20% down, but the home does need asbestos abatement so was wondering if this was a better option. Sounds like it is not in our situation!

2 comments to What is the rural housing program about?

  • 1stClassMortgageService.com  says:

    More info here: http://www.jeremydrobeck.com/rd

    best loan program out their. Government program, no money down, no pmi, low rate. It doesnt get any better!

  • curse08  says:

    You should only use Rural Housing to purchase a home if you are trying to get 100% financing because the rates are not any better than FHA and they charge a large 2% up front fee rolled into your loan. They also are backed up and will take an additional 45 days to close than a normal loan. Your lender will underwrite your loan and approve it and then it gets sent to USDA so they can underwrite it. Usually if it passes your lenders underwriting it will typically go through USDA but they may need some additional documentation.

    No problem. If you have 20% down you would be best to do a conventional loan and avoid paying MI. If you go FHA and put 20% down you still have to pay MI for 5 years. What state are you in?

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