USDA Rural Development Home Loan
Not many home buyers in Northern Virginia are aware of this great no down payment home loan program that is offered by the USDA. If you thought you needed a big down payment to buy a home, think again. Learn more about the USDA Rural Development Guaranteed Housing Loan program and how you can get 100%, no-money down mortgage financing.
USDA Rural Housing Loan Benefits
- ♦ 100% financing of a home’s purchase price
- ♦ Better mortgage interest rates
- ♦ No money down required
- ♦ Normal repayment schedule
- ♦ Available as a 30-year fixed rate mortgage
- ♦ No prepayment penalties
- ♦ Standard closing costs
- ♦ Sellers are allowed to help pay for closing costs
- ♦ Home loan approval standards are simpler
- ♦ Lower credit scores can be approved for a no down payment loan
- ♦ Available to both first time home buyers and former hom buyers
- ♦ Does not require homeowner counseling
How To Qualify For The No Down Payment USDA Rural Housing Loan
1. The amount of the USDA Rural Housing Development loan is based on your debt-to-income ratio. Typically you need to have a debt-to-income ratio of less than 41% if you have less than average credit. However if your credit score is over 660 and have stable employment history that ratio can be a little higher.
2. Must use an approved USDA mortgage company. Not all mortgage companies participate in this program. Below you will find the local mortgage companies that can help you with the USDA no down payment Rural Housing Development loan. Many of these will allow you to apply online, just click on the links below to learn more.
Northern VA USDA Rural Development Guaranteed Housing Loan Lenders
- Integrity Home Mortgage Corporation David Spencer 540-812-4730 firstname.lastname@example.org
- Embrace Home Loans Carrie Fincham 800.333.3004 ext. 3547 or 540.718.0849 cFincham@embracehomeloans.com
- First Heritage Mortgage Mike Filan 703-899-8720 email@example.com
- McLean Mortgage Corporation Vinny Apostolico 703-738-0923 firstname.lastname@example.org
- Complete list of approved lenders
3. A FICO credit score of at least 640 is usually required by lenders, but lower scores may be accepted with necessary documentation. Some lenders will work with you if your credit score is as low as 580.
4. Must meet the income limits USDA Guaranteed Housing Loan Program. If your household income is less than the amount shown you are eligible to apply. Click here to check your Single Family Housing Income Eligibility and the income limits allowed to participate in this no down payment home loan program. You can also click here to use this income eligibility tool from the USDA to see if you would qualify for this program.
5. Home must be located in a qualifying rural area. In the Northern Virginia area that includes the following counties: Culpeper County, Madison County, Orange County, Warren County, Louisa County, Page County, and Rappahannock County. Other counties like Prince William County, Fauquier County, and Loudoun County may also have properties available depending on the address. Check out the latest homes for sale in those areas below.
USDA Eligible Homes
Latest Culpeper County Homes For Sale
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Search Homes for Sale in Culpeper County VA below!
Latest Madison County Homes For Sale
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Search homes for sale in Madison County VA below.
Latest Orange County Homes For Sale
View More Orange County Homes
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Latest Page County Homes For Sale
Click below to search for more homes for sale in Page County VA.View More Page County Homes
Latest Rappahannock County Homes For Sale
Search homes for sale in Rappahannock County VA below.View More Rappanhannock County Homes
Latest Warren County Homes For Sale
Search for your next home in Warren County, VA below.View More Warren County Homes
Latest Louisa County Homes For SaleView More Louisa County Homes
Click here to see if your new home is eligible for this no down payment mortgage program.
Why You Should Consider The USDA Rural Housing Loan Program
This is a mortgage program that very few home buyers in Northern Virginia even know exist. If you have had trouble coming up with a down payment to buy a new home this program is perfect for you. If you work in the Northern VA area, most of the participating counties are within an hour’s commute and offer very affordable housing.
For the price of a townhouse in Prince William County, Loudoun County or even Fauquier County, you could own a nice single family home in Culpeper County, Madison County, Orange County, Page County, or Rappahanock County. If you are thinking of buying a home in these areas and need help through the process, fill out the form below or call Jack Jenkins at 571-229-6877 for more info.