Unlike most loans, a USDA-RD loan is unique in that the property itself is the primary qualifier, not the home buyer. Oh, you must definitely have a decent credit score and debt to income ratio (things better discussed with a lender), and there are some income limitations. But it is the location and condition of the property that makes it eligible for a Rural Development loan.
As most homebuyers already know, an FHA loan requires a 3-1/2% down payment, and conventional loans 10%-20%. But for a homebuyer with good credit, an RD loan offers a terrific opportunity to buy your very own home with little more than the cost of a home inspection and closing costs.
The most likely areas for RD financing are St. Bernard, St. Tammany and Washington Parishes, along with the Westbank (Jefferson Parish), and River parishes. Call me. I’ll be glad to help you with this information.