Denver USDA Rural Housing Loans
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USDA Rural Housing Loans can be a great choice for the right home and the right buyer in a rural market or small town. Although Denver properties do not qualify for USDA Rural Housing Loans, there are many surrounding areas that do.
USDA Highlights:
- Up to 100% financing with no monthly mortgage insurance
- Easier qualifying than most other programs
- Seller concessions allowed to help cover closing costs
- Low 30 year fixed rates available
- Home Purchase Loans and USDA-to-USDA streamline refinances available
The USDA Rural Housing Loan program allows for up to 100% financing. There is no monthly mortgage insurance, and 30 year fixed rates are very low on this program, so the payment for a USDA Rural Housing Loan is very low.
There is a 2% USDA guarantee fee that is assessed at closing, but is typically rolled into the new loan amount. In addition, seller-paid closing costs are allowed which can enable you to purchase a home with little or no money out of pocket.
You cannot own another home currently in order to qualify for USDA Rural Housing Loans. The property must be located in a USDA Eligible Area, generally a rural location or a smaller town with under 20,000 residents.
In addition to the home meeting eligibility, the home buyer must fall under USDA income limits in order to qualify. The limit is applied to the entire household income, regardless of who is on the mortgage, and some deductions are allowed for things like child care.
USDA Rural Housing Loans are one of the best programs available right now and one of the last remaining 100% financing options in the marketplace. The low rates and payment on this program make it an attractive option.
Our Ask an Expert feature can help you with your USDA Rural Housing Loan questions now.
