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There are few borrowers and lenders aware of the USDA Rural Development Guaranteed Housing Loan program, and only a select few local approved Idaho mortgage lenders are able to offer this option. It's one of the few programs available that can enable borrowers to obtain an Idaho home loan with 100% financing.

The first great part about the RD loan is that there is NO first-time homebuyer requirement. Most currently available programs offering 100% financing are limited to first-time homebuyers, which limits other borrowers in afforadable financing options.

Since the USDA Rural Development Guaranteed Housing Loan program is government-backed, there is NO monthly private mortgage insurance required, which potentially saves borrowers hundreds of dollars per month on their mortgage payments.

Unlike other current programs, there is NO maximum purchase price limit. That means a borrower can purchase a property at any price and still be eligible for this financing option. Credit guidelines are also flexible, and financing is offered through an appealing 30-year fixed mortgage. Costs of improvements and repairs can be rolled into the home loan.

There are some guidelines, however. Borrowers can not currently own an adequate home, and the purchased property must be used as the borrower's primary residence. The property must also lie within a Rural Development eligible area. Finally, there are some credit and income guidelines.

If you're investigating Idaho home loans and want to know if you qualify for this great opportunity to obtain 100% financing, contact us today!