USDA Rural Development Mortgage Guidelines

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Rural Development Buyer Eligibility

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.

You can find very detailed information about income and ratios from the menu at the left.  Here I will cover other areas that are equally important.

Citizenship

You are required to be a U.S. citizen or a LEGALLY admitted alien.

Occupancy

The borrower must have the ability to personally occupy the home on a permanent basis.

Present Housing

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.

Federal Debt

You cannot be delinquent on a tax or non-tax federal debt.  The underwriter will use the HUD CAIVRS system to verify.

Previous Loan

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 longer exist.

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 Guaranteed loan.   

 

 

 

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