Rural Development (USDA) Financing
Oklahoma has many growing communities with a bustling real estate market, where Rural Development Financing may be a great solution for you!
A USDA home loan is a zero-down payment mortgage for eligible rural and suburban homebuyers. USDA loans are issued through the USDA Rural Development Guaranteed Housing Loan Program.
​
USDA's mission is to help buyers with low and moderate-income families living in rural areas to make homeownership a reality.
Who qualifies for Rural Development Financing?
-
A minimum credit score of 640 is required
-
Must occupy the home as their primary residence
-
Meet specific income requirements
-
Must purchase a property that meets all program criteria
-
Has not been suspended or debarred from participation in federal programs
-
Borrowers are required to finance Upfront Mortgage Insurance Premium (UFMIP), included in the monthly mortgage payments.
​​
Rural Development loan requirements set by the U.S. Department of Agriculture include:
USDA specifies that funds backed by loan guarantees be used for:
-
New or existing residential property to be used as a permanent residence. Closing costs and reasonable/customary expenses associated with the purchase may be included in the transaction.
​
Contact your loan officer to see if you qualify for this or other Rural Development Financing!