Rural Living News

Usda Rural Development

USDA Rural Development Home Loans

Have you been looking to purchase a new home in a Rural Area, but don’t know where to begin when looking for help with a mortgage company? Great News! Home Town Mortgage is here for you with a wonderful loan program made just for you and your needs. The U.S. Department of Agriculture (USDA) has a loan guarantee program that will help you obtain a home loan. With the help of the USD loan program you may be living in your new home with little to no money down.

A USDA Rural Development Home Loan gives borrowers that qualify a chance to get a home loan with easier qualifications and financing options that other conventional loan can’t give. One thing to keep in mind is that USDA Rural Development does not actually fund the loan. USDA Rural Development has partnered with lenders in all states who will loan the money with the guarantee from the USDA of repayment if the loan should ever default. This gives lenders the ability and confidence to provide qualified borrowers with a home loan.

ARE YOU AN ELIGIBLE BORROWER?

An individual or family planning to occupy a home located in a rural area as their primary residence has the ability to qualify for a USDA home loan. When applying for a USDA Rural Development home loan a borrower must provide sufficient income verification and a credit history proving their ability and willingness to meet repayment obligations. A lender will also consider a borrower’s monthly housing cost (mortgage principal and interest, property taxes and insurance), these housing cost must meet a specific percentage of your gross monthly income (29% ratio). A borrower’s credit background will be considered as well. Most lenders will require a FICO score of at least 620 to qualify for a USDA home loan. A borrower’s income must be enough to pay their housing cost plus all additional monthly debt (41% ratio). USDA Rural Development does have income limits which vary between states and the counties within that state. Mobile Alabama is currently an average of a combined house hold income of $75,000.

BENEFITS OF A USDA RURAL DEVELOPMENT HOME LOAN

• There is no down payment required. A borrower that qualifies for a home loan with the Usda Program has the options to pay nothing out of pocket for a down payment. This means that the borrower is able to finance up to 100% of the appraised value of the home.
• There are no Mortgage Insurance requirements with a USDA home loan. This gives the borrowers a chance to put more money towards to the mortgage payment each month instead of pay expensive Mortgage Insurance Premiums.
• There are competitive 30 year fixed interest rates. Because of the guarantee of the U.S. Government, a lender is able to provide the lowest interest rates to qualified borrowers.
• The USDA Rural Development Program does not have a maximum purchase limit. However, the lender will determine a maximum loan amount based on the applicants ability to repay the loan.   

WHAT IS A RURAL AREA?

Rural Areas typically include areas outside of the city limits however there have been circumstances where some towns and cities have been considered rural areas. Generally rural areas include country and places with a population of 10,000 or less.

About the Author

Elise Kiser is a loan officer dedicated to helping her clients achieve their goals of owning the home of their dreams. She has experience in banking, working as a financial adviser for over a year, where she focused on her clients financial needs as well as their financial future. Elise is continuing her services now working with Home Town Mortgage Services Inc. in Mobile Alabama as a mortgage loan officer. She specializes in FHA, USDA, VA, Jumbo loans, and conventional loans. Elise enjoys meeting with first time homebuyers and helping her customers get the pre approval for their home loan so they are able find the piece of real estate that fits their future plans. She has also helped many customers lower their interest rate on their previous mortgage by refinancing. Elise knows interest rates are at an all time low and wants to educate all clients on the benefit of purchasing real estate or refinancing. Customer service and professionalism are very important to her, therefore you can assure you will always receive the highest level of customer service and professionalism available.

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