With a USDA Renovation loan, eligible borrowers can finance the purchase and improvement of a home in a single fixed-rate loan. Through the USDA Guaranteed Loan Program, qualified buyers can access up to 100% financing for eligible properties located in approved rural areas. Repairs and renovations won’t be stretched out over years or across multiple loans.

Key Features and Benefits:

• Up to 100% financing
• No down payment requirement
• 6-month renovation period
• Seller concessions up to 6% may be permitted, subject to USDA guidelines, and can be applied toward allowable closing costs and prepaid expenses, potentially lowering borrower upfront costs
• No first-time homebuyer requirements
• Gift funds and eligible grants are permitted, subject to documentation requirements and program guidelines
• Finance up to 6 months of mortgage payments if home cannot be occupied
• Available for owner-occupied single-family residences
• No minimum repair amount

What is a USDA Renovation Loan?

USDA renovation loans are backed by the U.S. Department of Agriculture. They allow for 100% financing for eligible and qualified borrowers to purchase a fixer-upper home and renovate it to fit their needs with no money down.

Eligible Upgrades and Repairs:

Eligible renovations and repairs include, but are not limited to:

• Removal of health and safety hazards
• Improve accessibility for individuals with disabilities
• Installation or repair of septic system and water wells
• Additions, structural alterations, or reconstruction of an existing dwelling
• Addition of a garage, attached or detached
• Modernizations, including kitchens, bathrooms, interior floor coverings, exterior siding, etc
• Installation of energy conservation or weatherization features
• Repairs to existing swimming pools, hot tubs, or saunas
• Repairs to accessory dwelling units

You May Benefit from a USDA Renovation Loan if:

• The property you want to purchase and renovate is in a USDA designated area
• You meet the qualification guidelines and income limits for the area you plan to buy

_{Rates & Program Availability Subject To Change. Income & Other Restrictions Apply. Properties Must Meet Certain Requirements & Be Located In Eligible Area. Low monthly mortgage insurance.}