USDA (Rural Loans)
• Is without “decent, safe and sanitary housing”
• Is unable to secure a home loan from traditional sources
• Has an adjusted income at or below the low-income limit for the area where they live
• 0% down
• No new appraisal required, except for direct borrowers who received subsidy during their loan term.
• Direct borrowers that owe subsidy recapture may subordinate this amount if they are unable to pay it in full.
• No credit review required, but we must verify the mortgage was paid as agreed for 12 months prior to the refinance application.
• No home inspections or calculation of debt ratios
• At least a $50 net reduction to principal, interest, real estate taxes and homeowners insurance (PITI) payments compared to current PITI.