The USDA Home Loan Program is a commonly used financing option that is specifically structured for individuals and families who have low to moderate incomes. Officially labeled the “USDA 501 Guaranteed Rural Housing Loan Program,” the USDA Home Loan Program was originally designed to assist home buyers in rural parts of the country, but in the past few years the program has expanded to help even more home buyers in a much broader way.
Did you know that under USDA Rural Home Loan guidelines, almost all of the Mississippi counties in North East Mississippi qualify for this particular mortgage product.
Qualified applicants are given the opportunity to rehabilitate, modernize, relocate, or even completely build a dwelling in eligible rural areas. Additionally, the USDA Rural Home Loan Program for Mississippi home buyers offers a 90% loan note guarantee to those lenders who are approved, which helps diminish the risk of extending 100% to qualified rural home buyers.
In order to qualify for the USDA Rural Home Loan Program, applicants must meet income eligibility requirements and seek a property in an eligible area, they must be a US Citizen, they must be able to qualify for a loan and must meet all program obligations.