USDA Loans For Rural Home Purchases Can Really Pay Off

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.