Rural Development

• Through the department of USDA. This is designed for first time home buyers, however, one may qualify if they have owned a house in the past. These are zero down home loans. They allow for up to a 6% seller contribution to cover closing and prepaid costs. Some of the qualifying criteria is based on income, location, number of people (both working and non-working) in the household. The home has to pass guidelines for safety and stability. They offer a guaranteed program. Under this program you would not have to pay a recapture fee when selling the home. The program is designed to cover geographical areas that are not large cities such as LA, Detroit, Dallas, Denver, Boston, Miami, however, it may cover areas surrounding large cities.
• Rural Development is designed for first time home buyers.  You may qualify for a R.D. loan if you have owned a home previously.