The Office of Community Development administers rural community development programs within USDA Rural Development. Each program and initiative promotes self-sustaining, long-term economic and community development in rural areas. The programs demonstrate how every rural community can achieve self-sufficiency through innovative and comprehensive strategic plans developed and implemented at a grassroots level. The programs stress continued local involvement and decision making which is supported by partnerships among private, public and nonprofit entities.

PROGRAM BENEFITS:

• No down payment required
• No Mortgage Insurance
• No cash reserves required
• No seller contributioin limit
• No Prepayment Penalty
• Loan up to 102% of appraised value allowed
• New and existing homes ok
• No minimum credit score required
• No minimum cash contribution required
• Seasoning of funds not required
• 100% gifted closing costs or down payment assistance is permitted
• No derogatory credit explanations required when credit score is 620 +
• Rent is not verified with FICO of 620 +
• Conventional type loan packaging with only 1 extra form required
• Competitive rates