Are 100 percent mortgage loans still available through the Rural Development Program?
The federal government, through a program with the U.S. Department of Agriculture (USDA), has 100 percent financing available for homes. When most people think of the USDA, I would imagine they don’t think the USDA can assist them getting into their next home. But, they can. The USDA has a Rural Housing Development Program that is charged with providing 100 percent mortgages in rural areas of the country. Under the terms of the program, an individual or family may borrow up to 100 percent of the appraised value of the home, which eliminates the need for a down payment. Sometimes good credit and a steady income are not enough to qualify for a home loan at a commercial lending institution, such as a bank or mortgage company. More families and individuals may be eligible to become homeowners with the help of the USDA guaranteed loan. When the federal government agrees to guarantee a loan, lending institutions can help buyers while incurring less risk. Through USDA’s Rural Housing Developm
