Looking for 100% financing? A rural development loan (RD Loan) is one of the few programs available to finance up to 100% of a home’s value. The loan does have restrictions, but if you’re thinking of buying a home in Kuna, Horseshoe Bend, Emmett, or Star Idaho it could be an option for you (see map below for eligible areas).
Benefits of a Rural Development Loan:
- Up to 100% financing available.
- No mortgage insurance.
- Financing can include money for repairs and closing costs up to the home’s appraised value.
- Many eligible homes for sale in Star, Horseshoe Bend, Emmett, and Kuna Idaho.
Both the property and the applicant must meet certain criteria to qualify for a Rural Development loan. This program was created to help moderate income families obtain affordable home ownership, so income limits, purchase price limits, and area qualifications do apply.
Key Applicant Requirements:
- Owner ability to occupy property on a permanent basis
- Sufficient and stable income not exceeding 115% of the U.S. median family income.
- Acceptable credit score and history.
- New or existing stick built or modular home meeting HUD guidelines.
- New manufactured home on a permanent foundation.
- Owner occupied and not produce an income.
- Located in a qualified rural area.
Disclaimer: Information not guaranteed. Contact your lender to determine eligibility.
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