Total Mortgage Services LLC has announced that it is expanding its product lineup by offering the Guaranteed Rural Housing Loan Program insured by the U.S. Department of Agriculture (USDA) through its Rural Development program. A USDA home loan is guaranteed by The Guaranteed Rural Housing Loan Program and is offered through the Rural Housing Service, an agency of the U.S. Department of Agriculture and provides low and moderate‐income rural residents to access to more affordable housing finance options.
“Total Mortgage is committed to helping borrowers either purchase or remain in their homes on the most affordable terms available,” said John Walsh, president of Total Mortgage Services LLC. “The USDA home loan program is one of the most compelling mortgage products in today’s challenging mortgage marketplace and offers real solutions for rural borrowers, especially those in need of 100 percent financing or with lower credit scores. Our team of fully licensed loan officers have recently completed an extensive internal training program on USDA home loans guidelines and are ready to educate and help borrowers qualify for this money saving mortgage product.”
The Guaranteed Rural Housing Loan program provides very low- and moderate‐income rural residents with better access to affordable housing finance options with little or no downpayment or out‐of‐pocket costs. Borrowers may obtain a loan to purchase a new or existing home that is located in a designated rural area. A rural community generally has a population of 10,000 or less; however, a community with a population of 20,000 or less can be considered “rural” if it is located outside a metropolitan statistical area.
Key USDA Home Loan Program Guidelines:
►No downpayment required
►Closing costs can come from any source, including gifts
►Competitive 30-year fixed rates
►No monthly mortgage insurance premiums
To review the list of full list of property and income eligibility for the USDA home loan program, visit U.S. Department of Agriculture Rural Development.