USDA Rural Home Loan
- ZERO down payment
- Seller contributions allow for closing costs
- Must be a Residence – not a Farm
- Very LOW rates – 30 year fixed mortgages
- High Loan Limit of $647,000
- Very Low monthly (annual) Mortgage insurance
- Rural areas are generally those with less than 25,000 or less per capita – this includes MOST of Oregon and its small towns/cities.
- Income limits are set per County. The program maximum is $146,800 for a family of 5 in Washington County.
- Credit does not need to be perfect – but there are minimum credit scores for each Lender. Your credit score can affect how much you will be approved for – or how much you can spend on the purchase price of a home.
- An appraisal will be required for a Purchase home loan. Plumbing, heating, water, waste disposal and electricity must be adequate for home occupancy. The dwelling must also be free from termites and dry rot.
- Must be primary residence for the buyer – it is not for investors.
- You do not need to be a first time homebuyer. If you own another residence, the purchase of a second residence would need special approval. USDA typically will only allow a second residence if the other home is inhabitable or commute time to work is much farther than that of the home