Rural Development is a rural credit Agency of the U.S. Government serving the needs of borrowers unable to secure acceptable credit elsewhere.
Our current interest rate (fixed) is 4.875% and through a subsidy it may be adjusted down to as low as 1%. This means that on a $100,000 loan, your mortgage payments could be anywhere from $297 to $540 per month excluding taxes and insurance. No down payment – 100% Financing.
To be eligible, an applicant must meet the following criteria:
• Must be a resident who resides as a U.S. Citizen or a non-citizen who has been legally admitted for permanent residency.
• Must have stable and dependable income that is adequate with repayment ability to service the applicant’s monthly debt. The housing costs cannot exceed PITI of 29% of the household GROSS income and a debt ratio that does not exceed 41% for GROSS income in order to meet the qualifying ratios for eligibility.
• Must have a credit history which indicates a reasonable ability and willingness to meet obligations as they become due.
• Be without adequate housing. Loans are made to individuals and families that intend to occupy the dwelling on a permanent basis.
• Unable to obtain a loan form other commercial resources at reasonable rates and terms.
Loan amounts, rates and terms depend on the county the house is in. Properties can be existing or new construction.
Loans may be made up to 100% of the appraised value and may include some closing costs. Loan funds are used to buy existing homes (and/or make repairs if needed) or new construction. Existing homes must be modest, structurally sound; functionally adequate; in good repair or will be placed in good repair with USDA Rural Development funds.
Must have an adjusted annual income which does not exceed the applicable low income limits as listed
below for the county where the property is located. If your income is below or close to the figures listed below, Rural Development may be able to assist you in purchasing a single-family home in the following counties:
COUNTY 1 2 3 4 5 6 7 8*
Clark Comanche, VERY LOW 18,300 20,900 23,550 26,150 28,250 30,350 32,450 34,500
Edwards, Hodgeman, LOW 29,300 33,500 37,650 41,850 45,200 48,550 51,900 55,250
Kiowa, Meade, Seward,
Wichita Counties
Finney County VERY LOW 18,950 21,700 24,400 27,100 29,250 31,450 33,600 35,750
LOW 30,350 34,700 39,000 43,350 46,800 50,300 53,750 57,200
Ford County VERY LOW 18,300 20,900 23,550 26,150 28,250 30,350 32,450 34,500
LOW 29,300 33,500 37,650 41,850 45,200 48,550 51,900 55,250
Grant County VERY LOW 19,750 22,250 25,400 28,200 30,450 32,700 34,950 37,200
LOW 31,550 36,100 40,600 45,100 48,700 52,300 55,900 59,550
Gray County VERY LOW 19,900 22,750 25,600 28,450 30,750 33,000 35,300 37,550
LOW 31,850 36,400 40,950 45,500 49,150 52,800 56,400 60,050
Greeley County VERY LOW 20,000 22,850 25,700 28,550 30,850 33,100 35,400 37,700
LOW 32,000 36,550 41,150 45,700 49,350 53,000 56,650 60,300
Hamilton County VERY LOW 18,500 21,150 23,800 26,450 28,550 30,700 32,800 34,900
LOW 29,600 33,850 37,100 42,300 45,700 49,100 52,500 55,850
Haskell County VERY LOW 19,050 21,750 24,500 27,200 29,400 31,550 33,750 35,900
LOW 30,450 34,800 39,150 43,500 47,000 50,450 53,950 57,400
Kearny County VERY LOW 19,200 21,900 24,650 27,400 29,600 31,800 34,000 36,150
LOW 30,700 35,150 39,450 43,850 47,350 50,850 54,350 57,900
Lane County VERY LOW 18,400 21,000 23,650 26,250 28,350 30,450 32,550 34,650
LOW 29,400 33,600 37,800 42,000 45,350 48,700 52,100 55,450
Morton County VERY LOW 19,100 21,850 24,550 27,300 29,500 31,650 33,850 36.050
LOW 30,600 34,950 39,350 43,700 47,200 50,700 54,200 57,700
Scott County VERY LOW 22,250 25,400 28,600 31,750 34,300 36,850 39,350 41,900
LOW 35,550 40,650 45,700 50,800 54,850 58,950 63,000 67,050
Stanton County VERY LOW 20,350 23,250 26,150 29,050 31,350 33,700 36,000 38,350
LOW 32,550 37,200 41,850 46,500 50,200 53,950 57,650 61,400
Stevens County VERY LOW 21,550 24,650 27,700 30,800 33,250 34,750 38,200 40,650
LOW 34,500 39,450 44,350 49,300 53,250 57,200 61,150 65,100