USDA

USDA Rural Housing Loans

To determine the best kind of loan for your unique needs, be sure to discuss your home loan options with one of our Loan Officers.

USDA Rural Housing Loans

Rural Housing Direct Loans are loans that are directly funded by the Government. These loans are available for low- and very low-income households to obtain homeownership.

USDA loan eligibility is based both on the property and the borrower(s). Borrower(s) eligibility is determined by Household Income, Household members, and by County Income Limits. At Secure Funding Group we can assist you in making USDA eligibility determinations on both the individuals and on the properties.

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Why Choose a USDA Mortgage Loan

USDA Mortgage Guidelines

Applicants may obtain 100% financing to purchase an existing dwelling, purchase a site and construct a dwelling, or purchase newly constructed dwellings located in rural areas. Mortgage payments are based on the household’s adjusted income. These loans are commonly referred to as Section 502 Direct Loans. Section 502 loans are primarily used to help low-income individuals or households purchase homes in rural areas. Funds can be used to build, repair, renovate or relocate a home, or to purchase and prepare sites, including providing water and sewage facilities.

The major benefits are:

  • 100% mortgage LTV based on the APPRAISED value.
  • Zero down payment and no minimum contribution required.
  • No limit on seller concessions or gift.
  • No mortgage insurance required.
  • No reserves required.
  • 30 year fixed rate only.
  • Lenders must be USDA approved.
  • Low interest rates.
  • Flexible Credit Guidelines.
  • Property must be in a rural eligible location.

Under the Section 502 program, housing must be modest in size, design, and cost. Modest housing is property that is considered modest for the area, does not have market value in excess of the applicable area loan limit, and does not have certain prohibited features. Houses constructed, purchased, or rehabilitated must meet the voluntary national model building code adopted by the state and HCFP thermal and site standards. Manufactured housing must be permanently installed and meet the HUD Manufactured Housing Construction and Safety Standards and HCFP thermal and site standards.

Our Loan Types

Expertise you can trust

Home Ownership Affordable Program (HARP)

Federal Housing Administration (FHA)

FHA Streamline

Veterans Administration Loans

VA Interest Rate Reduction Finance Loan (IRRRL)

Conventional Loan

USDA Rural Housing Loans

California Housing Finance Authority (CalHFA)

Home Ownership Affordable Program (HARP)

HARP is a Mortgage Refinance Loan that is designed to help homeowners, who have not been late on their mortgage payments and who have been denied loans because of their declining property values, get a new more affordable, more stable mortgage without the Property Value limitations.

Federal Housing Administration (FHA)

FHA Loan is a Mortgage Loan that is insured and backed by the Federal Housing Administration. This loan is often used by First Time Homebuyers since the program has low down payment and flexible credit requirements.

FHA Streamline

FHA Streamline is a Refinance Loan Program that is designated to reduce an existing FHA loan’s current Interest Rate, Loan Term or both. Typically this loan does not require borrower’s to provide income qualifications or a property Appraisal.

Veterans Administration Loans

VA Loan is a mortgage loan that is guaranteed by the U.S. Department of Veterans Affairs. This loan is designated for eligible American Veterans or their surviving spouses and offers 100% financing with no mortgage insurance to the borrowers.

VA Interest Rate Reduction Finance Loan (IRRRL)

VA IRRRL is a Refinance Loan Program that is designated to reduce en existing VA loan’s current Interest rate, Loan Term or both. Typically this loan does not require borrower’s to provide income qualifications or a property Appraisal.

Conventional Loan

A Conventional Loan is a Mortgage Loan that is not insured or guaranteed by any Government Agency. Conventional loans adhere to Fannie Mae guidelines and typically require excellent credit and larger down payment. Unlike FHA and VA Loans, Conventional loans can be used to finance a primary residence, a second home, or an investment property.

USDA Rural Housing Loans

USDA is a mortgage loan that offers 100% financing in rural areas and is guaranteed by the United States Department of Agriculture. USDA loans and have low interest rates and have flexible underwriting guidelines and can be used for Purchase or Refinance transactions.

California Housing Finance Authority (CalHFA)

CalHFA is a First Time Homebuyer loan that is can be used as a First Mortgage Loan or as a Down Payment Assistance Loan. CalHFA loans have eligibility requirements based on Income, Household members, and County Limits.

Find out if an USDA Housing Loan is right for you. Take a moment to fill out an application or call to speak with an experienced Loan Officer today.