Illinois, Wisconsin and Florida Rural Housing Mortgage Loans
The Rural Housing
Service (RHS), an agency within the Rural Development mission area of the
United States Department of Agriculture (USDA), guarantees home loans to assist
eligible households in obtaining adequate housing in rural areas. The RHS
guaranty reduces the risk to the lender, allowing lenders to lend at lower
rates, more favorable terms, and under more lenient requirements for borrower
credit-worthiness.
To obtain the RHS guaranty, lenders must follow Guaranteed Rural Housing Loan
program guidelines in assessing the credit-worthiness of the borrower and
the value of the property. Loans made by approved lenders that satisfy the
requirements for the RHS guaranty are called "Guaranteed Rural Housing loans".
Because the Guaranteed Rural Housing loan program is one of many Rural Development
programs offered by the USDA, Guaranteed Rural Housing loans are sometimes
referred to as "Rural Development loans".
- Moderate Income limits apply.
- No Down Payment Required.
- No Prepayment Penalties.
- No Private Mortgage Insurance required.
- A one-time guarantee fee is paid at closing. In some cases, this fee, closing costs and repairs may be included in the loan.
- Mortgages are 30 years with an affordable fixed interest rate.
- No maximum loan amount. Loan amount may be made up to the property’s appraised value.
- No limits on cash contributions.
- Can purchase an existing home or build a new home.
- Home must be occupied as your permanent residence
- No credit history can be overcome with alternative credit established - such as a payment history for cable, phone, utilities etc...
2008 income limits have been updated and can
be viewed from the links below.
Wisconsin Information:
Ineligible Areas for Rural Housing Loans
- Click on the county for
a more detailed map.
Income Limits for Rural Housing Loans - PDF file
Illinois Information:
Ineligible Areas for Rural Housing Loans
-
Accept disclaimer, either type address in or click on the
state of Illinois, counties listed to the right have ineligible
areas. Click on the county you are looking up for a more
detailed map. Only Lake, DuPage and Cook counties are 100%
INELIGIBLE.
Income Limits for Rural Housing Loans - PDF file
Current Rural Housing Mortgage Rates
Apply
or Pre-Qualify for a Rural Housing Loan Today!
* Rural areas consist of communities that
have 20,000 and under in population and are not a part of an urban area.
