You decided you prefer non-city life. You found a home situated amongst the trees and open fields that you love. Now you need financing. There are several loan programs you probably could use, depending on your credit, income, and debt ratio. They include conventional and FHA loans. However, there is a great program for government home loans for rural areas – the USDA loan. Qualifying for this loan is simple and it does not require any … [Read more...]
Different Types of USDA Mortgage Loan Options
If you have the desire to live in a rural area, you may have the good fortune of being eligible for USDA financing. Before you head out and apply with a USDA lender, though, you should know the USDA loan options. They have three mortgage types they offer borrowers. Each program is for a specific type of borrower, though. You will not qualify for all three programs. We break down the programs and how they work below. The USDA … [Read more...]
How Long Does USDA Direct Loan Underwriting Take?
The USDA Direct Loan helps very low-income families secure housing. An eligible borrower can purchase a home in a rural area with this program. The program assists these low-income families by providing payment assistance. Typically, this means lower payments for a specific period to help borrowers afford the new mortgage payment. Every family receives a different amount of assistance with this program. Because of its unique properties, … [Read more...]
USDA Loans Aren’t Just For Farmers
You don’t have to live in an area where your closest neighbor is miles away in order to qualify for a USDA home loan. Most of the country is already eligible, including suburban area’s and even some college towns. In order to qualify for a USDA home loan, you will need a certain level of income, a credit score and a down payment. In some cases you may need all three. If you don’t like the metropolitan scene and would rather live in a … [Read more...]
