USDA Loans Include HUD and MOD

TotalMortgage informs MHProNews if you live in a rural area and meet the income qualifications you may be eligible for a USDA Home Loan, with no down payment, 100% financing including closing costs, government guaranteed and competitive rates. Part of the US Dept. of Agriculture’s Rural Development Single Family Housing Loan Guarantee Program, income eligibility is capped at 115% of the area’s median income. All loans are 30-year fixed, and types of construction included modular homes and new manufactured homes. The article notes this program hit bottom two years ago when an audit uncovered over $4 billion in ineligible housing loans, but that situation has been cleaned up. In addition, approval may be granted in as little as 15-30 days.

(Image credit: mortgageorb)

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