USDA Rural Development Overview
USDA Rural Development is typically the best home loan option for first time buyers that are not military veterans, assuming the property is in an eligible rural area. USDA RD loans even offer 100 financing with no down payment. Continue reading below to learn more about USDA RD home loans, income limits & guidelines.
GMFS Mortgage has funded over 8,300 USDA Rural Development home loans.
Why does USDA Rural Development offer home loans?
This USDA program helps mortgage lenders work with low and moderate income families living in rural areas to make homeownership a reality. Per the USDA, providing affordable homeownership opportunities through the rural development (RD) home loan program promotes prosperity, which in turn creates thriving communities and improves the quality of life in rural areas.
USDA RD Loan Features
- 100% financing (zero money down)
- Can be used to purchase your primary residence or refinance for rate term
- Expanded qualifying ratios and flexible credit guidelines
- Must be deemed eligible rural area by USDA (check USDA RD eligibility)
- Income limits based upon the number of people living in house, varies by geographical area
- Loan up to appraisal value to finance closing costs
- RD Guarantee fee of 1% (Financeable)
- Minimum credit score of 620
Recognition for GMFS Mortgage:
- GMFS Mortgage Loan Officer has been verified #1 Rural Development originator in U.S. for 2016 and 2017
- June 2018: GMFS Top 25 Producer – Arkansas for the period of 10/1/15 – 9/30/17
- Fiscal year 2017: [Results not released yet]
- Fiscal year 2016: GMFS #1 Lender – Louisiana
- June 2016: Charlene Richard of GMFS Named USDA Rural Development Underwriter of the Year
- Fiscal year 2015: GMFS #1 Lender – Louisiana
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GMFS Mortgage was great to work with! Super fast response time any time I had questions, which was a lot! Made first time home buying a wonderful experience!
Brittany C. GMFS Mortgage Customer
Tuesday February 19, 2019
The whole team was great. Eventhough there was a government shutdown they kept working on our loan and were prepared when the government reopened, and we closed on our house within days of reopening. A big thank you to Trina, Linda, and Jennifer. Yippee…we own a house.
Chandler D. GMFS Mortgage Customer
Thursday February 14, 2019
Amazing staff, worked very fast especially with the government shutdown to keep us updated on process and into our new home as fast as they could. They were patient and caring about all our questions and concerns. Gmfs mortgage made us getting into our home as easy and less stressful as possible. I would recommend them to anyone!!!
Hannah T. GMFS Mortgage Customer
Monday February 11, 2019
Thank you for helping me find the perfect home! Can’t wait to get settled in. I am one satisfied customer and I will be referring you to all of my friends because of your excellent service! Gracie
Gracie A. GMFS Mortgage Customer
Wednesday February 6, 2019
I thank you for working so close with me, helping me to understand everything because this my first time going through buying my first HOME 🏡. Again THANK YOU
Joyce C. GMFS Mortgage Customer
Thursday December 20, 2018
USDA RD News
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