100% USDA Rural Development Loans
Katz Mortgage Team, backed by WestStar Mortgage, Inc., offers 100% USDA, Rural Development loans in rural areas to low, and moderate income families. Our various programs assist numerous individuals and families who would normally be unable to obtain the necessary financing for the purchase of their home. We handle all these transactions in house so that your deals close smoothly, and on time. Please feel free to call toll-free 866-742-8400 to discuss your specific 100% financing options.
Eligibility:
Under the Section 502 Guaranteed Rural Housing Loan Program, applicants may have an income of up to 115% of the median income for the area. Families must be without adequate housing, but be able to afford the mortgage payments, including taxes and insurance. In addition, applicants must have reasonable credit histories.
Benefits:
• Provides 100% loan-to-value financing for existing homes or new construction based on appraised value.
• Available to low and moderate-income rural households.
• No requirement to be a first-time home buyer.
• Less up-front cash-to-close requirements for this program than for conventionally insured or FHA loans.
• No monthly mortgage insurance required. One-time guarantee fee, payable to Rural Development (RD) at closing, as follows:
Purchases = 2.00% of loan amount
Refinances = 0.50% of loan amount
• This one-time guarantee fee can always be financed, regardless of the appraised value.
• Fully amortized 30-year fixed-rate loans.
• No penalty for pre-payment.
• 2/1 Temporary Buydown available for purchase loans
• No maximum loan limit. Loan limits are dictated by the applicant's income with respect to program eligibility and loan repayment ability. Previous ties to FHA loan limits have been eliminated.
Income Limits:
Income Limit Website
Property Eligibility:
Property Eligibility Website
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