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.

• Moderate income limits apply - based on family size
• No down payment required.
• 100% Financing plus closings cost and prepaids 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:

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
 

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
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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:

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.

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