USDA MORTGAGE

(United States Dept. of Agriculture)

This program assists approved lenders in providing low- and moderate-income households the opportunity to own adequate, modest, decent, safe and sanitary dwellings as their primary residence in eligible rural areas. 

How may funds be used?

New or existing residential property to be used as a permanent residence. Closing cost and reasonable/customary expenses associated with the purchase may be included in the transaction

A site with a new or existing dwelling

Repairs and rehabilitation when associated with the purchase of an existing dwelling

Refinancing of eligible loans

Special design features or permanently installed equipment to accommodate a household member who has a physical disability

Reasonable and customary connection fees, assessments or the pro rata installment cost for utilities such as water, sewer, electricity and gas for which the buyer is liable

A pro rata share of real estate taxes that is due and payable on the property at the time of loan closing.  Funds can be allowed for the establishment of escrow accounts for real estate taxes and/or hazard and flood insurance premiums

Essential household equipment such as wall-to-wall carpeting, ovens, ranges, refrigerators, washers, dryers, heating and cooling equipment as long as the equipment is conveyed with the dwelling

Purchasing and installing measures to promote energy efficiency (e.g. insulation, double-paned glass and solar panels)

Installing fixed broadband service to the household as long as the equipment is conveyed with the dwelling

Site preparation costs, including grading, foundation plantings, seeding or sod installation, trees, walks, fences and driveways