Idaho USDA Rural Development (RD) Zero Down 100% Financing loans are great for First-Time Home Buyers. One of the great things about USDA Rural Development loans is you can get 100% financing for the purchase of your home. There are borrower income limits and properties in certain areas are not eligible. If you are curious as to whether or not a property you are interested in would qualify for a USDA Rural Development loan you can click on this USDA RD Link and type in the property address.
The USDA Rural Development loan is a true 100% financing without mortgage insurance. Not having mortgage insurance allows borrowers to pay quite a bit less per month compared to if they had mortgage insurance on the loan. Mortgage insurance also known as private mortgage insurance (PMI) is setup to offset losses in the case where a borrower is not able to repay the loan and the lender is not able to recover its costs after foreclosure and sale of the mortgaged property. It is not the same as home owners insurance which is liability coverage for property owners covering both loss/damage to property or dwelling and personal liability.
USDA loans are primarily used to help low-income individuals or households purchase homes in rural areas. Funds can be used to build, repair, renovate or relocate a home, or to purchase and prepare sites, including providing water and sewage facilities.
If you have any questions about purchasing a home with the USDA Rural Development loan my contact information is below.
Michelle Guth
Diversified Mortgage Group
Branch Manager/Owner
Direct: 208-475-0865
Loanswithmichelle@gmail.com
ID MBL-5696 / NMLS # 36853 / 36852 / 1850
www.idahohomegroup.com
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