Assistance Program Search

USDA Direct Loan
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. Benefit: Borrowers can obtain 100% financing with no private mortgage insurance. Loan Term: 33 years Homebuyer Counseling / Education Required: No Owner Occupancy Required: Yes

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