The Chenoa Fund USDA30 Program provides a no-money-down,100% financed mortgage loan option for low-and-moderate income individuals interested in purchasing a home in an eligible area.
100% financing for homes in an eligible rural area.
The USDA loan is a zero-down mortgage program that is meant to support homeownership in rural and semi-rural areas. USDA home loans are designed to provide “low and moderate-income households” an opportunity to own a home with little to no down payment.
In accordance with USDA guidelines, this program does not have a minimum credit score requirement.
The USDA does not have a minimum credit score requirement. However, qualifying borrowers must demonstrate a willingness and ability to pay off their debt. Alternate credit for applicants with no traditional credit is allowed per USDA guidelines.
Fixed interest rates for the life of the loan.
While interest rates are negotiated between the homebuyer and their lender, it must be a 30-year fixed rate in accordance with USDA guidelines.
Borrowers can make up to 115% of their area’s median income and still qualify.
The household income cannot exceed 115% of the area median income where the eligible home is located.
Do not have to be a first-time homebuyer.
In accordance with USDA guidelines, this program does not have a first-time homebuyer requirement.