The SFH Guaranteed Loan Program is among the most beneficial programs for homebuyers wishing to purchase a home outside densely populated area. This loan is designed to help rural Americans achieve the dream of owning a home. You would be surprised at what areas qualify as rural. Check out the property eligibility website here. The SFHGLP has numerous benefits that allow borrowers to purchase a home, especially those who may not qualify for conventional home financing.
Other notable benefits include:
- $0 down payment. The borrower has the flexibility of paying nothing out of his or her pockets.
- For the USDA single-family guaranteed home loan program, it is imperative to state that the USDA is not a lender and instead it guarantees each loan against default.
- Flexible credit guidelines. Individuals seeking to buy homes with less than perfect credit history or nonexistent
- Favorable loan terms. This loan is available in 15-year fixed rate mortgage and 30-year fixed rate mortgage
- Competitive interest rates. Current Fannie Mae yield for 90-day delivery (actual/actual) for 30-year fixed rate conventional loans, rounded up to the nearest one-quarter of 1 percent.