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With the complex financial mortgage lending and housing market that exists today, there is one program that offers possibly the lowest fixed rate mortgage available: The USDA Federal Home Loan Program.

If you are an individual or family that lives not far from the city limits, this program may be of great benefit to you. It is possible to get a 100% financed mortgage loan with no down payment if you live in an area that is within the purview of the program. It is amazing how many partly rural homes exist that will fall within the property area that this program covers.

If you live in a “rural area” and have a low to moderate level of income, the USDA Guaranteed Home Loan Program can be a valuable resource in helping you buy a home. The application procedure is fairly simple and the mortgage loan offered is a 30 year fixed rate loan. Because the Federal Government insures the loan there is no need to carry private mortgage insurance. There is a small 2% fee required for origination, however, this amount can be financed into the loan.

A private lender originates the actual home mortgage loan but the USDA guarantees the loan in the event the borrower defaults. To qualify, you must provide documentation for 2 past years of steady employment with a lower to moderate income. You need not have been a previous homeowner and a low credit score is not a disqualifying factor.

The USDA Guaranteed Home Loan Program funds can be used for constructing homes, already built homes, and home improvements as long as a state licensed contractor performs the work. You can get money to help you at closing, all costs may be seller financed and you are allowed to receive 100% gifting.

This is an incredible program if you are a renter who lives in a rural setting. It may be your first real opportunity at home ownership at a price that is comparable to renting. As a homeowner, you get to participate in the true American Dream.

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2. New FHA Loan Program Availability
3. Low Income Mortgage Loans
4. VA Home Mortgage Loans
5. Wells Fargo Loan Modification Program