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.

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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.

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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.

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Contact your loan officer to see if you qualify for this or other Rural Development Financing!