Hilde's Mortgage Blog

USDA-RD loans - one of the last hold outs for 100% financing.

This program is designed for low to moderate income families buying a modest home in non-metro areas. For Alaska that means everyplace but Anchorage, Fairbanks and Juneau (sorry, you urbanites). Income ceilings apply based on family size and the geographic income limits. So, essentially there has to be sufficient income to qualify for the loan payment but not too much income to be above the income limits.

This is a loan guaranty feature, like FHA or VA. The funds for the loan actually come from various investors, like Alaska Housing or other entities. They will determine the interest rate. Like a VA loan, there is no monthly mortgage insurance required. A one time upfront fee of about 2% is charged and can be added to the loan.

Call or email me for more details.