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Highlights of the USDA Guaranteed Rural
Housing Loan Program
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Home buyers make application with participating
lenders ex. Quickmortgageloan.com ;
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Buyers must personally occupy the dwelling
following the purchase;
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Mortgages are 30-year fixed rate at market
interest rates;
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Loans may be for up to 100 percent of
market value or for the acquisition cost, whichever is less
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Loans may include closing costs, guaranteed fee,
legal fees, title services, cost of establishing an escrow account,
and other prepaid items provided the appraised value is higher than
the sales price. Buyers are responsible for any other fees or
related costs (discount points) required by the lender or not to
cover by the appraise value;
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A one-time guarantee fee of 1 percent of the loan
amount is charges to the lender, but may be passed on to the
applicant;
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There is no limit on the seller’s contribution
to closing costs;
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Guaranteed loans are subject to the provisions of
the Civil Rights statues, including the Equal Opportunity Act.
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