USDA Rural Housing Loan Programs

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Mid America Mortgage, Inc. is pleased to offer no money down, 30 year fixed rate USDA mortgages to lower income home buyers in designated rural communities. USDA Rural Housing Development Guaranteed Loans are insured by the US Department of Agriculture and are one of the last zero money down home loan solutions available in the marketplace. And, USDA mortgages are not exclusively for first time home buyers!

To learn more about USDA financing options contact us today or check out the resources below for program highlights.

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More on USDA Mortgages

Where can you go to find out if a property is eligible?

You can look up individual properties on USDA’s website here.

Is there a place where I can see income limits?

You can also research single family housing income eligibility for your state here.

Is there any down payment required?

There is no down payment requirement with USDA mortgages. FHA loans, on the other hand, require at least 3.5% down.

Is there mortgage insurance with USDA loans?

Yes. But, you can often  finance the upfront mortgage insurance into your loan amount.

Do you need great credit to qualify?

No. A review of your credit history is part of the underwriting process. To qualify, borrowers should be able to show a history of paying their bills on time.

Can you qualify for a USDA mortgage if you've had a bankruptcy?

You may qualify if your Chapter 7 bankruptcy was discharged three years prior. Chapter 13 bankruptcies are different. Contact a mortgage professional for a thorough explanation.

What types of properties are eligible?

USDA loans can be used to finance most types of single family properties although some exception may apply. Homes must be used as borrowers’ primary residences and not used as second homes or rental properties. Farms and commercial properties are not eligible through USDA Rural Housing Development Guaranteed Loans.

Are seller paid closing costs possible?

In many cases USDA permits sellers to contribute borrowers’ closing costs.
Please note the underwriting guidelines are subject to change. Contact one of our mortgage professionals today for the most up-to-date guidelines.

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Mid America Mortgage, Inc.
15301 Spectrum Drive, Suite 405
Addison, TX 75001
Phone: 214-261-3300
Toll Free: 866-544-7013
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550 Warrenville Rd
Lisle, IL 60532
Phone: 630-796-6092
Toll Free: 855-528-4572

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