Rural Housing Loans from USDA and offered by Mason McDuffie Mortgage!
The Rural Housing Loan programs, sponsored by the U.S. Department of Agriculture, are designed to make homeownership more affordable for borrowers in rural communities.
For qualied borrowers, a Rural Housing Loan can provide 100% financing up to $417,000 — offering an affordable financing solution, with competitive rates and terms, to help prospective homebuyers in designated rural areas.
Features of Rural Housing Loans:
•
Guaranteed Loan Program: Offers assistance for low-to-moderate income rural residents whose income is equal to or less than 115% of the area median income. (The home must be in a designated RHS service area.) Please complete the sign up form below to see if your property is eligible.
•
Direct/ Leveraged Loan Program: Provides a second mortgage using Section 502 Direct Loan funds for borrowers whose income is 80% or less of the area median income. (Mason McDuffie provides the first mortgage.)
Designed for Borrowers Who:
Reside in a designated rural area — generally towns that are removed from an urban area and have 25,000 or fewer residents.
Would like to finance their Guarantee Fee into their mortgage
Would like to avoid paying monthly mortgage insurance premiums
Have low or moderate income
Have limited or no cash reserves
Have nontraditional credit or an imperfect credit history
