USDA Rural Home Loans
Buyers looking to purchase primary residences in certain eligible areas may be able to take advantage of the United States Department of Agriculture (USDA) purchase mortgage loan product. It is called a Guaranteed Rural Housing (or GRH) loan.
USDA Home Loan for Financing Purchases
Properties and borrowers that meet the guidelines for a GRH Loan can receive 100% financing for the property value. They also have the ability to finance their one-time upfront mortgage insurance fee (the Guarantee Fee). If the home they are purchasing has a higher appraised value than the purchase price, a GRH loan may allow a borrower to buy a home with no down payment.
Since 100% financing is very hard to get in the current market, this loan can be a great opportunity for qualified applicants looking for USDA rural home loans.