If you were patiently waiting for this program to receive additional funding for future homeowners, the wait was full of anxiety but well worth it. This is one of the best lending programs for potential homeowners to obtain 100% financing in rural designated areas. Be one of the first to qualify for a new RD loan. Our professional team of loan officers are standing by to assist you with your Rural Development needs. Federal guidelines require that all applicant must be processed in the order they are received. Any delays could potentially cause consumers to lose out on their portion of these limited funds.

Funding of Rural Development lasted just over 100 days! Now that we are in the home buying season, ANY delays in starting your application could result in news stories like this. We cannot stress the importance of limited funding on this program.

RD Offers Major Benefits:

• 100% mortgage LTV based on the APPRAISED value
• Zero down payment and there is no minimum contribution required.
• No limit on seller concessions or gift
• No mortgage insurance required
• No reserves required
• 30 yr fixed rate only
• Lenders must be USDA approved
• Low interest rates - this is not a sub-prime mortgage
• Flexible Credit Guidelines

To see if a property is Rural Development eligible, you will need to check the property address on the Rural Development website.

Section 502 loans are primarily used to help individuals or households purchase homes in rural areas. Funds can be used to build, repair, renovate or relocate a home, or to purchase and prepare sites, including providing water and sewage facilities.

Eligibility: Applicants for loans may have an income of up to 115% of the median income for the area. Families must be able to afford the housing payments, including taxes and insurance.  In addition, applicants must have reasonable credit histories.

Terms: Loans are for 30 years. The promissary note interest rate is set by the lender. There is no required down payment. The lender must also determine repayment feasebility using ratios of repayment (gross) income to PITI and to total family debt.

Approval: Rural Development officials have the authority to approve most Section 502 loan guarantee requests.

GoldStar Mortgage can assist you in every aspect of your housing needs and we are proud to be able to continue offering this great product to our valued customers.

Many people have turned towards using this program to purchase a foreclosed home. No matter what type of home you are after, RD loans are a great way to go.

To view some of the homes that are currently in foreclosure or will be in foreclosure, click HERE to search a National database of homes.

Beyond the database of homes, there are many other ways to find those property gems. We have developed great relationships over the years with trusted professionals in the banking and real estate industries. We are able to locate numerous real estate values through these realtionships. Finding those perfect buys in the real estate market is simply a matter of hard work and having relationships with trusted agents. Learn how we do it for our clients through our trusted relationships.  We know how the best deals can be achieved and where to find them.