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What is the RD Loan Program?
USDA home loans offer 100% financing, low rates, and affordable payments. The United States Department of Agriculture (USDA) sets lending guidelines for the program, which is why it is also called the USDA Rural Development (RD) Loan. This mortgage type reduces costs for home buyers in rural and suburban areas. Qualification is easier than other loan types, since the loan doesn’t require a down payment or high credit score. The USDA home loan is available to borrowers who meet income and credit standards.

Home buyers should make sure they are looking at homes within USDA- eligible geographic areas, because the property location is the most important factor for this loan type.
Luckily ALL of Fremont County deeded land qualifies.

Applicants must:

  • Meet the income eligibility
  • Agree to personally occupy the dwelling as their primary residence
  • Be a US Citizen, US Citizen National, or Qualified Alien
  • Have the legal capacity to incur the loan obligation
  • Have not been suspended or debarred from participation in federal programs
  • Demonstrate the willingness to meet credit obligations in a timely matter
  • Purchase a property that meets all program criteria
  • DO NOT currently own a home

If it is 100% financing, will you need any money to buy a home?
Borrowers who don’t have all their closing costs paid for by the seller or otherwise need cash to close the loan will need to prove they have adequate assets. USDA loans allow the seller to pay for the buyer’s closing costs, up to 3% of the sales price. Borrowers can also use gift funds from family members or qualifying non-profit agencies to offset closing costs.

Have more questions about USDA loans?
Visit our website to “Chat with a Lender” tomorrow from 2-4pm.

Get Pre-Qualified or contact a Lender to get you started with your home buying experience.

Mika Baker NMLS# 487274
mbaker@centralbanktrust.com
307.332.4730
Lander

Kourtney Hanger NMLS #1627278
khanger@centralbanktrust.com
307.856.4320
Riverton

Janice Hoxsey NMLS # 1233328
jhoxsey@centralbanktrust.com
307.864.5561
Thermopolis