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
- 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
USDA 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
You can also visit the USDA Income and Property Eligibility Site
1. Select Program type of “Single Family Housing Guaranteed” in left navigation
2. Accept Disclaimer
3. Use links on the USDA site to determine property eligibility, income limits, income eligibility and more for your state
Carrie exceeded all of my expectations! She has helped me every step of the way, during and after my first home purchase. I highly recommend using Carrie Sanders.
Brad G. GMFS Mortgage Customer
Thursday July 5, 2018
Jackie Dykes went above and beyond to help me every step of the way. I would recommend her and the entire GMFS Mortgage staff to anyone looking for a mortgage.
Danielle M. GMFS Mortgage Customer
Tuesday June 19, 2018
Everything went smoothly and made home buying easy.
Mike H. GMFS Mortgage Customer
Wednesday June 13, 2018
Mrs. Jackie went above and beyond to assist me in any way she could, making sure that I got the best service and obtained the loan best suited for me.
Kennedy D. GMFS Mortgage Customer
Wednesday June 13, 2018
My experience with GMFS Mortgage was great!! Trina was very helpful and even assisted me on a Saturday!!
Sierra M. GMFS Mortgage Customer
Tuesday June 12, 2018
USDA RD News
Over 89,000 customers and $14.9 billion in residential mortgage funding in 23 states
Processing, underwriting, and closing under same roof means smooth & predictable closings
A+ rating with BBB and winner of Torch Award for Marketplace Trust
GMFS staff has an avg. of 14+ years of mortgage industry experience