Tim Bradford 
Loan Officer 
VM/Cell (216) 324-8113 
FAX 440-884-5034 


OHIO USDA Rural Home Loans
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Ohio Guaranteed Rural Housing Loans

Changes Pending = Increase in Guarantee Fee

Rural Development - Ohio has been a leader nationally in utilizing the Guaranteed Rural Housing program.  Since 1991, we have assisted over 15,000 families join the ranks of homeownership.

Potential home owners, Realtors, builders and applicants can all benefit from the Guaranteed Rural Housing program.  The combination of NO DOWNPAYMENT required and NO MORTGAGE INSURANCE needed with competitive 30 year fixed rates makes the Guaranteed Rural Housing program an attractive source of financing.

The highlights of the Guaranteed Rural Housing program are as follows:

To be considered eligible for a Guaranteed Rural Housing Loan, applicants must:

  • Have an adequate and dependable income;

  • Be a U.S. citizen, qualified alien, or be legally admitted to the United States for permanent residence;

  • Have an adjusted annual household income that does not exceed the moderate income limit established for the area.  A family's income includes the total gross income of the applicant, co-applicant and any other adults in the household.  Applicants may be eligible to make certain adjustments to gross income - such as annual child care expenses and $480 for each minor child - in order to qualify.  USDA Rural Development field offices can provide information on the moderate income limits for the areas that fall within their jurisdiction, and can provide further guidance on calculating household income.  There is an automated income eligibility calculator available at:  http://eligibility.sc.egov.usda.gov.

  • Have a credit history that indicates a reasonable willingness to meet obligations as they become due;

  • Have repayment ability based on the following ratios:  Principle, Interest, Taxes, and Insurance (PITI) divided by gross monthly income must be equal to or less than 29 percent.  Total debt divided by gross monthly income must be equal to, or less than, 41 percent.

Homes That Qualify:

  • Guaranteed loans can be made on either new or existing homes;

  • Existing homes must be structurally sound, functionally adequate, and in good repair;

  • There are no restrictions on the size or design of the home financed;

  • The home must not be used for income-producing purposes;

  • Homes must be located in rural areas.  Rural areas include open country and places with a population of 10,000 or less and - under certain conditions - towns and cities with between 10,000 and 25,000 residents.  USDA Rural Development field offices can determine eligible areas.  There is an automated rural area eligibility calculator at:  http://eligibility.sc.egov.usda.gov.

Highlights of the USDA Guaranteed Rural Housing Loan Program:

  • Loans may be for up to 100 percent (102.00 percent if the guarantee fee is included in the loan and a .40% Annual renewals collected month) of appraised value or for the acquisition cost, whichever is less.  No down payment is required; Effective 10/2014

  • Mortgages are 30-year fixed rate at market interest rates;

  • Loans may include funds for closing costs, the guarantee fee, legal fees, title services, cost of establishing an escrow account and other pre-paid items, if the appraised value is higher than sales price;

  • Sellers may contribute to the buyer's closing costs;

  • Home buyers make application with participating lenders;

  • Buyers must personally occupy the dwelling following the purchase;

  • Loans may be made to refinance either existing USDA Rural Development Guaranteed housing loans or our Section 502 Direct housing loans;

  • Closed loans have secondary market acceptability, including Freddie Mac, Fannie Mae, Ginnie Mae pools, and many state housing finance agencies;

  • Guaranteed loans are subject to the provisions of the Civil Rights statutes, including the Equal Credit Opportunity Act.



The Advantages:

  •  No Down payment is required.

  •  Flexible credit score guidelines.

  • No maximum purchase price limit.

  •  Closing costs can come from any source including gifts.

  •  Repairs and improvements can be included in the loan.

  •   Competitive fixed 30-year rates.

  • Apply with a local participating lender of your choice.


Eligibility criteria: 

  • Occupy the property as your primary residence.

  • Do not own an adequate home.

  • Do not have sufficient cash for a 20% down payment plus pay typical loan closing and relocation expenses.

  • Be a U.S. citizen, a U.S. non-citizen national or a qualified alien

  • Provide stable and dependable income for repayment ability.

  • Have a credit history that indicates a willingness to meet obligations as they become due.

  • Have an adjusted household income that is within Rural Development guidelines based on the number of persons who will occupy the home.  

  • Purchase a residential property that is located in a Rural Development eligible area

Thank you for visiting our web site. 
Let us know how we can assist you with meeting your home ownership goal.

Tim Bradford 
Loan Officer 
VM/Cell (216) 324-8113 
FAX 440-884-5034 



Tim Bradford -- OHIO MB.803389/LO.007173 ---- NMLS CO.142066/LO.250013
6363 York Road #300, Parma Heights, Ohio 44130

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