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Rural Housing Single Family Guaranteed Loans in Illinois and Wisconsin

USDA has been helping rural Americans become homeowners since 1949. It has invested well over $54 billion in helping people purchase their own homes.

Owning your own home is a part of the American dream, but in rural areas, financing a home can be difficult. Jobs often pay less than in more populated areas, making it harder to obtain credit. Also, rural lenders generally require a large down payment, and often, interest rates and construction costs are higher than in urban areas. However, if you want to own a home in a rural area* , the U.S. Department of Agriculture (USDA) Rural Development may be able to help.

The Guaranteed Rural Housing program agrees to guarantee a loan so the lending institutions can help buyers while incurring less risk.

You don't have to live out in the country to qualify for a
Rural Housing loan!
Rural Housing program highlights:
  • Moderate income limits apply - based on family size
  • No down payment required.
  • 100% Financing (no money down) plus closings cost and prepaids and lender required repairs can be rolled in up to the
    property's appraised value!
  • 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.
  • Competitive 30 year fixed interest rates.
  • No maximum loan amount. Loan amount may be made up to the
    property’s appraised value.
  • No limits on cash contributions.
  • Not restricted to first time home buyers
  • Home must be occupied as your permanent residence.

2008 income limits have been updated and can be viewed from the links below:

See if your income qualifies for a rural housing loan

Wisconsin Ineligible Areas for Rural Housing Loans - Click on the county for a more detailed map.
Wisconsin Income Limits for Rural Housing Loans - PDF file

Illinois 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.
Illinois Income Limits for Rural Housing Loans     PDF file

Other programs that may be of interest:
My Community Mortgage
Freddie Mac Home Possible
Rural Housing
FHA Loans
VA Home Loans
Flex 100 and Flex 97
Lender Paid Mortgage Insurance
100% Financing Programs

All Wisconsin and Illinois Mortgage Programs
100% Financing (No Money Down) Programs
First Time Home Buyer Mortgage Programs
My Community Mortgage
Government Loans including FHA, VA and Rural Housing
Wisconsin Refinance Illinois Refinance Programs

Current Wisconsin and Illinois Rural Housing Mortgage Rates
About Ameristar Mortgage
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* Rural areas consist of communities that have 20,000 and under in population and are not a part of an urban area.


Recent Rural Housing mortgage posts on our blog:

No Money Down Rural Mortgage Loans
September 26th, 2008

USDA Rural Development's mission is to deliver programs in a way that will support increasing economic opportunity and improve the quality of life of rural residents. Wisconsin and Illinois USDA rural housing loan programs offer flexible, common sense underwriting guidelines, relaxed credit requirements, no PMI (private mortgage insurance) options, the ability to finance closing costs into the loan amount, lenient seller concessions, and rates that are comparable to, if not better than, conventional fixed rate mortgage programs.

Whether you are located in Wisconsin or Illinois we are here to help you obtain your conforming mortgage, FHA mortgage, VA mortgage or USDA Rural Housing Mortgage loan purchase or refinance at the best rate possible.

Blog Entry

Read the rest of this entry »

Rural Mortgage Loans
September 17th, 2008

In addition to 100% mortgage financing, Rural Housing mortgages have no monthly mortgage insurance and enjoy really great rates. If you can qualify for a USDA mortgage, you should really consider it.

The one thing that is different about a USDA mortgage is that instead of monthly mortgage insurance, USDA mortgages require a funding fee. Currently, the upfront funding fee for Rural Housing mortgage loans is 2% of the loan which can be rolled into the loan amount.

Read the rest of this entry »

No Money Down Rural Mortgage Loans
July 20th, 2008

Ameristar Mortgage offers both purchase and refinance mortgage programs for Rural Housing loans.

Illinois and Wisconsin Rural Housing refinance loans may be made to refinance either existing RHS Guaranteed Housing loans or RHS Section 502 Direct Housing loans.

A Guaranteed Rural Housing mortgage loan is a single family, 30-year, fully amortizing, fixed rate mortgage loan guaranteed by the US Department of Agriculture's Rural Housing Service (RHS).

Read the rest of this entry »

Rural Housing Mortgage Loans from Ameristar Mortgage
May 5th, 2008

Rural Housing has a lot of great features but now it's just about the only 100%+ Loan To Value (LTV) mortgage product that is available.

Rural housing does not mean that the subject property must be located in a "rural area" or that it must involve small acreage. Many areas in both Wisconsin and Illinois are eligible for rural housing loans and can be checked from the links above.

Rural housing loans (guaranteed) are available to moderate income applicants. Rural borrowers who on average pay higher interest rates for shorter term loans, now have greater access to 30 year fixed rate loans at market interest rates through this program.

Read the rest of this entry »

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