Keller Williams Realty
6408 Grovedale Drive, Suite#101
United States Department of Agriculture Rural Development Loan (USDA Loan)
Northern Virginia and Maryland USDA Program guidelines and eligible properties for 100% financing. Homes in these zip codes may be eligible to purchase with a USDA loan - 20184, 20198, 22742, 22734, 20130, 22728, 20115, 22642, 22639, 22720, 20144, 20119, 20137, 22712, 20181, 20169, 20155, 20141, 20197, 20132, 20117, 20180, 20158, 20152, 20148, 20105, 20187, 22405, 22406.
USDA Loan Program Information
No Down Payment
30 Year Fixed Rate
Household Income Must Fall Below Income Limitations For Your Area. Income is calculated for EVERYONE working in the home.
Up to 102% financing - Example - If the purchase amount is $250,000, you will be able to finance the 2% commitment fee that USDA charges upfront or pay it at closing. The maximium loan about if financed will be $255,000.
2% Guarantee Fee - The USDA Guarantee Fee or USDA Funding Fee is required on all USDA guaranteed loans. This keeps the government program funded and protects investors in event that the borrower defaults on the loan
.5% Monthly Mortgage Insurance - On a $255,000 mortgage the monthly mortgage insurance is only $106.25 per month. Which is much lower than FHA which would be $251.30 for the same property purchased.
620 Minimum Credit Score (some lenders will extend credit to borrowers with scores as low as 550) Flexible Credit and Expanded Qualifying Ratios. Borrowers with non-traditional credit histories may be eligible.
Rural Development Loan - Another term for a USDA loan is a Rural Development Loan or a Rural Housing loan. These terms lead to the belief that you can only get a loan on houses in the countryside or sparsely populated areas. This is absolutely not true, there are many suburban areas with thriving communities.
USDA Rural Development Single Family Housing Guaranteed Loan Program
Guaranteed Loans Offer Affordable Financing To Rural Homebuyers.
The mission of USDA Rural Development’s Single Family Housing Guaranteed Loan Program is to assist low to moderate income rural homebuyers achieve their dream of homeownership!
Rural Development partners with approved local lenders to extend 100% financing opportunities to eligible rural individuals and families for the purchase of safe and sanitary dwellings. Guaranteed loans have assisted thousands of homeowners to purchase a home with affordable interest rates and loan terms.
Applicants must purchase a home within the eligible rural areas, and have a household income that does not exceed the established limits where the home is located. Additional Guaranteed Loan Features include but are not limited to:
100% financing, no down payment is required. The loan amount may not exceed 100% of the appraised value, plus the guarantee fee may be included.
Guarantee Fee applies: may be rolled into the loan amount.
Flexible credit guidelines. Non-traditional credit histories may be accepted.
Fixed 30 year interest rates apply. Lenders and applicants agree upon interest rate.
Qualifying ratios are 29% for housing costs and 41% for total debt. Lenders may request an exception to exceed these ratios when strong compensating factors are identified.
No maximum purchase price. Qualifying ratios and the applicant’s stable and dependable income will determine home affordability.
Eligible property types include existing homes, new construction, modular homes, Planned Unit Developments (PUD’s), eligible condominiums and new manufactured homes.
Eligible closing costs and lender fees may be included in the loan or paid by the applicant.
Gift/Grant Funds/Mortgage Credit Certificates (MCC’s)/Seller Concessions are allowed.
Eligible repairs and improvements may be included in the loan.
Applicants apply with an approved lender of their choice.
Not limited to first time homebuyers.
Lenders who wish to join the Guaranteed mailing list should sign up at http://www.rdlist.sc.egov.usda.gov/listserv/mainservlet
Eligible Subdivisions for USDA Financing in Northern Virginia
Loudoun County, Virginia in Middleburg (20117)
CORNER OF 50 & KIRK BRANCH
FOX RUN OF MIDDLEBURG
ST LOUIS CORNER
TOWN OF MIDDLEBURG
Loudoun County, Virginia in Lovettsville (20180)
FOX MEADOW SUBDIVISION
LOVETTSVILLE TOWN CENTER
NEW TOWN MEADOWS
SHORT HILL CHASE
TOWN OF LOVETTSVILLE
Loudoun County, Virginia in Round Hill (20141)
BLUE RIDGE SUMMIT
MOUNTAIN VALLEY AT VILLAGES AT
RIDGES OF ROUND HILL
ROUND HILL LAKE POINT
TOWN OF ROUND HILL
Loudoun County, Virginia in Purcellville (20132)
BETWEEN THE HILLS
COUNTRY CLUB HILLS
COURTS OF ST. FRANCIS
FLAG INC & FENTON
HUNTING HILL FARMS
LAMBERT FAMILY SUBDIVIS
MAIN STREET VILLAGE
OAK KNOLL FARMS
OLD DOMINION VALLEY
TOWN OF HILLSBORO
TOWN OF PURCELLVILLE
VILLAGES OF PURCELLVILLE
Loudoun County, Virginia in Leesburg (20176)
BLUE RIDGE AT LEISURE WO
LANSDOWNE ON THE POTOMAC
LANSDOWNE TOWN CENTER
MAGNOLIAS AT LEISURE WOR
POTOMAC RIDGE AT LEISURE
RESIDENCES AT LANSDOWNE
RIVER POINTE TOWNS
RIVERBEND AT LEISURE WOR
TOWNES CND AT LANSDOWNE
Loudoun County, Virginia in Ashburn (20147)
BELMONT COUNTRY CLUB
BELMONT LANDBAY S
GOOSE CREEK VILLAGE CONDOMINIUM
GOOSE CREEK VILLAGE NORT
HEARTHSIDE AT FLYNNS CRO
MORLEY CORNER CONDOMINIUM
PARKSIDE AT ASHBURN
RIDGES AT ASHBURN
RIDGES AT BELMONT COUNRY CLUB
RIDGES AT BELMONT COUNTR
SOUTHGLEN AT UNIVERSITY
TOWNES AT GOOSE CREEK VI
Loudoun County, Virginia in Ashburn (20148)
BRAMBLETON LAND BAY
BRAMBLETON OVERLOOK LB2
BRAMBLETON TOWN CTR RESI
BUCKINGHAM AT LOUDOUN VA
CLOVERHILL @ BRAMBLETON
GOOSE CREEK VILLAGE
GOOSE CREEK VILLAGE SOUT
LOUDOUN PARKWAY CENTER
LOUDOUN VALLEY ESTATES
PRESERVE AT GOOSE CREEK
RESIDENCES AT BRAMBLETON
SOUTHBEND AT BRAMBLETON
SUMMERFIELD AT BRAMBLETON
THE AMBERLEA AT MOOREFIELD GREEN
THE FREMONT AT MOOREFIELD GREEN
THE HERITAGE AT LOUDOUN VALLEY
THE MANORS AT MOOREFIELD GREEN
THE MEADOWS AT LOUDOUN VALLEY
THE PRESERVE AT GOOSE CREEK
VILLAGES AT BROADLANDS
Loudoun County, Virginia in Aldie (20105)
CENTRE PARK AT STONE RIDGE
CONDOMINIUMS AT KIRKPATR
MERCER PARK CONDOMINIUM
STONE SPRINGS CONDOMINIU
SUMMER WALK AT SUN RIDGE
SUMMERWALK AT STONE RIDG
SUMMERWALK AT STONE RIDGE
TOWNE CENTRE CROSSINGS @ STONE RIDGE
VILLAGE SQUARE IN STONE RIDGE
Loudoun County, Virginia in Chantilly/South Riding (20152)
AMBERLEA AT SOUTH RIDING
ESTATES AT ELK RUN
LAKESIDE AT SOUTH RIDING
LITTLE RIVER PRESERVE
RESERVE AT SOUTH RIDING
THE RESERVE AT TALL CEDARS
TOWNES AT EAST GATE
Prince William County, Virginia in Bristow (20136)
NEW BRISTOW VILLAGE
Prince William County, Virginia in Haymarket (20169)
BULL RUN MT
DOMINION VALLEY COUNTRY
MARKET CENTER CONDOMINIU
PROP OF THOMAS H FIELDS
REGENCY AT DOMINION VALLEY
REGENCY AT DOMINION VALLEY COUNTRY
REGENCY AT DOMINION VALLEY GEORGETOWN
THE GREENBRIER CONDO ASSN
THE REGENCY AT DOMINION VALLEY - GREENBRIER
THE RESIDENCES AT MARKET
TWIN BRANCH (WESTMARKET)
VILLAGES AT HAYMARKET
VILLAGES OF PIEDMONT AT LEOPOLD'S PRESERVE
Prince William County, Virginia in Gainesville (20155)