FHA Single Family Mortgage Insurance for Outlying Areas

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Section 203(i) provides mortgage insurance for a person to purchase a principal residence in a rural area. The mortgage loan is funded by a lending institution, such as a mortgage company, bank, savings and loan association and the mortgage is insured by HUD.

What are the eligibility requirements?

Borrower must meet standard FHA credit qualifications.
Borrower is eligible for approximately 97% financing. Borrower is able to finance closing costs and the up front mortgage insurance premium into the mortgage. The borrower will also be responsible for paying an annual premium.
Eligible properties are one to four unit structures, including farm housing located on 2 acres or more of land adjacent to an all weather road.