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The United States Department of
Agriculture (USDA) has a rural development program to help
make affordable housing available in rural areas. This
program has some key advantages compared to other types of
Texas rural home loans. Here are some of the key features and program
benefits: |
|
USDA Texas Mortgage Features |
Program Benefits |
|
No down payment required |
Qualify now without waiting to save down
payment funds |
|
100% Financing |
More clients have the opportunity for
home ownership |
|
Seller may pay your closing costs up to
6% |
You may not need to pay closing costs out
of pocket |
|
No cash reserves are required |
You do not need to prove a certain amount
of money in the bank |
|
Very low finance rate at a fixed rate |
Lower monthly payments than other rural mortgages |
|
No monthly private mortgage (PMI) insurance is
required |
Another factor that reduces your monthly
payment |
|
No maximum purchase limit |
Clients can select a home that meets
their needs and repayment ability |
|
Reasonable minimum credit score |
Reasonably good credit is required.
Applicants may be considered with a 620 score or better. |
|
NOT just for first time buyers |
More clients can qualify |
Featuring
the USDA Rural Development Program
