The United States Department of Agriculture Rural Development offers a Single Family Housing Guaranteed mortgage. This loan program is designed to provide a mortgage financing option for low- and moderate-income households wanting to purchase a home in eligible rural areas. With no restrictions on previous home ownership, it is not limited to first-time homebuyers.
USDA RD loans are insured by the U.S. government and have an option for 100% financing, which means there is no down payment requirement. There is even an option to roll closing costs into the loan amount if the home appraises higher than the sales price.
For more information, visit the USDA Rural Development eligibility website.
To determine if your income meets USDA guidelines or if the property you are looking to buy is in an eligible area, please contact a Bank SNB mortgage loan officer.