The United States Department of Agriculture is also in the home loan business, and for families with an interest in out-of-town living, the opportunities are unmatched. USDA Rural Development offers guaranteed loans with 100% financing for qualified buyers. It’s a program that isn’t limited to first-time buyers and will even allow property sellers to pay up to 6% of the purchase price in closing costs for the buyer. In the right circumstances, this program can make a home purchase possible, with no money down. The USDA also offers an affordable 30 year fixed rate, as well as very low funding fees and monthly mortgage insurance.
There are a variety of factors that come in to play, but in the right circumstances, a USDA Rural Development Loan is worth exploring. Among the criteria used to evaluate qualifications for the property in question are –
- Site / Land Requirements
- Income Producing Buildings
- Accessory Dwelling Unit
- Zoning
- Economic Life
- Appraisal Requirements
- Water & Septic
- Flood Insurance
Does this sound interesting? The Team Move/OVM Financial Blog has a detailed article that covers much of these factors. You can also contact Sanford’s Team Move office at 919-777-0114 to get answers to any questions you may have about this program or mortgage programs in general.
