It is a program that requires neither a down payment nor mortgage insurance. These loans are backed by the USDA (US Department of Agriculture). This loan is currently one of only two government backed, 100% financed loans, with the other being VA.
There are two requirements in qualifying for the USDA Loan. One is income and the other is the location of the home.
Income is based on the number of household members.
The second limitation to qualify for this loan is the location of the home. What is the definition of Rural? Rural by the USDA’s definition is areas that have a community with fewer than 25,000 people. This would include all of Putnam County .
Finding out if you may qualify for this program is easy. There is a website which is useful for both determining your income limitations, and if the home you are interested falls into the geographic limits.