USDA Rural Development Loans Benefits and Features:
Borrower’s income: Can’t exceed the USDA Rural Development limits for the area.
Down payment: Minimum is 0%. The one-time USDA guarantee fee can be included in the loan financing. Mortgage insurance is required.
Credit score minimum is usually 620.
Eligible properties include single-family homes, new construction, modular homes, planned unit developments (PUDs), and eligible condominiums.
Gifts and grants permitted from family or government assistance agencies.
Other requirements and conditions apply.