The U.S. Department of Agriculture Rural Development agency is reducing its interest rates on direct home loans to 4.375 percent. The change is effective on February 1st.
USDA Rural Development is committed to increasing home ownership in rural areas and is reducing the interest rate on home loans. Click here for more information about how you can qualify for this ZERO-DOWN program.
Under the direct home loan program, low- and very-low income families and individuals receive a loan directly from USDA Rural Development to buy, build or improve homes in rural areas. The loans require no down payment and the standard term is 33 years. Payment assistance, which can reduce monthly mortgage payments, is also available for those who qualify. Credit underwriting requirements are similar to those for FHA programs. Income must be documented.
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I had a bankruptcy 5 years ago. Can I qualify?
FHA allows you to qualify for a mortgage 2 years after a bankruptcy discharge. Keep in mind though that you must demonstrate that you have learned how to manage your money and not have incurred any more bad hisroty like collections or multiple late payments. Your credit score should be a minimum of 600 and your income should be stable and adequate. Sometimes you may fit the USDA guidelines but the lender’s might be more stringent. If you get declined, ask why. And if it’s a bank guideline and not a USDA guideline that you didn’t meet, try another lender.