Rural Development (USADA)

Rural Development (USADA)

If you live in a small town or rural area situated in a location approved by USDA Rural Development, you may be able to purchase with up to 100% financing. Call your Anchor Mortgage loan officer to get eligible USDA locations and income limits.

Benefits of a USDA Home Loan
  • Up to 100% financing on a fixed 30-year loan, based on the appraised value of the home
  • Closing costs may be contributed by the seller on a purchase or included in the loan on a refinance
  • Gift funds are permitted
  • No first-time homebuyer restrictions

Refinancing is also available on your existing USDA home loan and some of your closing costs would be allowed to be rolled into your loan amount.

Benefits of USDA Refinances
  • Allowed on existing GRH
  • Rate reduction only; no cash-out
  • New interest rate is at minimum 1% lower than loan current note rate
  • Max loan amount is based on total amount due from payoff; less unpaid late charges, other ineligible fees, and lender credits; standard closing costs
  • Mortgage history is verified. The last 12 months must be 0 x 30
  • Employment verification: Borrower(s) must be employed or have alternate sources of income. Verify Household income falls within Guaranteed Rural Housing Program Income Limits
  • Verify no borrowers have been removed from original loan (unless deceased)
  • No appraisal required and no max DTI
Apply Now