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Buying a Home with a USDA Rural Development Loans

USDA loans are a great option for buying a home in a qualifying rural area and are designed for homebuyers in rural locations who do not qualify for a conventional loan.

HIGHLIGHTS OF A USDA RURAL DEVELOPMENT LOAN

They allow you to purchase a home with 100% financing for qualified buyers and their fees may be lower than traditional mortgage insurance.
USDA loans require properties to be in a rural area designated by the U.S. Department of Agriculture.
USDA Rural Development loans are subject to Maximum Household Income limits created by the US Department of Agriculture. The current limits within MS are $90,300 (Family 1 to 4) and $119,200 (Family 5 or more) but subject to change by the U.S .Department of Agriculture.
Sellers can contribute up to 6% of the sales price toward allowable closing costs.

100% mortgage financing may result in no property equity until such time as the loan principal is paid down through regular mortgage payments and/or the property value appreciates. Additionally, if property values decline you could owe more than your property's value. Terms and conditions apply. This is not a commitment to lend. Credit is subject to approval. Programs, rates, terms and conditions are subject to change without notice.

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