A zero down payment loan seems too good to be true, doesn’t it? Luckily, it is true with the USDA Rural Home Loans. This program started by the USDA helps low-income families secure sanitary and safe housing. There are several restrictions include in this program, but families that meet the requirements do not have a hard time securing an approval. The Location of the Property The largest and possibly hardest requirement to meet is … [Read more...]
Prohibited Loan Purposes that are Disallowed under USDA Guidelines
The USDA guidelines allow for many exceptions that other loan programs do not allow. The standard rules state that USDA funds can be used to purchase a site whether new or an existing dwelling; repairs of an existing home; fees that are standard with the purchase of a home including acquisition expenses, fees charged by the lender, and standard closing costs; and refinancing an existing loan. Alongside the long list of what the USDA … [Read more...]
USDA Rural Development Loan: Who is the Perfect Candidate?
Every loan has a perfect candidate, especially those loans that are backed by the government. The USDA rural development loan is among those that the government backs up and is geared towards a certain group of people. The USDA loan was originally started to build up development in rural areas. In recent years it has become one of the hidden gems in the mortgage industry as it still allows for loans of this type in areas that … [Read more...]
USDA Loans: Wells and Septic Systems
If you are thinking about getting a USDA loan, make sure that the well or septic system meets USDA loan guidelines. The distance between the well and the septic system and the home must be verified, if applicable. An FHA Roster appraiser, a government health authority, licensed septic system professional, or a qualified home inspector may perform the septic system valuation. »Get Matched with a Lender, Click Here» The … [Read more...]
