The USDA Rural Development Mortgage loan has certain buyer eligibility
requirements. You will find that they are not too restrictive but
please keep in mind that this mortgage loan's primary purpose is to get
median income families into affordable and adequate housing.
can find very detailed information about income and ratios from the menu
at the left. Here I will cover other areas that are equally
You are required to be a U.S.
citizen or a LEGALLY admitted alien.
borrower must have the ability to personally occupy the home on a
You cannot own adequate
housing within the local commuting area after the the rural development
mortgage closes. A manufactured home on rented land or a
non-permanent foundation is considered inadequate.
cannot be delinquent on a tax or non-tax federal debt. The
underwriter will use the HUD CAIVRS system to verify.
You cannot have previously had a rural development loan that
turned into a loss to the government unless Rural Development can
determine that it was beyond your control and that the circumstances no
There is also a clause that says the lender has to
state that the loan would not have been made without the government
guarantee, for what ever reason. In today's market, that is pretty
much a given. There are very few 100% loan to value mortgages
available, ... especially at these low interest rates.
Here is a
short Video that will cover some other qualification requirements for the USDA
Copyright 2008 | Kale Enterprise Corp. |
Cartersville, Georgia, 30120