USDA Direct Loan – Montana Home Buyer Programs
USDA Rural Development
www.rurdev.usda.gov/mt/
| Program Overview | |
| USDA Direct Loan is a loan that provides low- and very low-income applicants with 100% financing with no private mortgage insurance. Applicants must qualify through a local Rural Development office. Applicants may obtain financing to purchase an existing dwelling, purchase a site and construct a dwelling, or purchase newly constructed dwellings located in rural areas. This program may also pay a portion of the mortgage interest, based on income. This program is available nationwide. | |
| Who is eligible for this program? | |||||
| Borrowers must meet income requirements and qualify for the loan. Updated area loan limits are listed at http://www.rurdev.usda.gov/rhs/sfh/area%20loan%20limit%20pdf%20files/MT.pdf Funds pay for a portion of the mortgage interest.Is this program for first time buyers only? Yes | |||||
| Property Eligibility Requirements | |
| Allowable property types: Single family home, duplex, condo, manufactured home |
| Benefit Details | |||||||||
Loans are fixed-rate. Rates are provided by the local Rural Development office. Varies, based on income.
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| Please note: Every attempt is made to reflect accurate and up to date information on housing programs displayed on this site. Some inaccuracies may exist. For verification email MT Housing Resources.Source: Montana Association of Realtors (R) - MTHousingResources.com
Read more about the Home Buying Process and Resources from Access Realty |
