Find Out if You Qualify for a Rural Development Loan
If you live in a rural area around Covington, LA, you may be eligible to receive a rural development loan. The home loan experts at Family First Mortgage are experienced with these types of mortgages and can help you find out if you are qualified to receive a rural development loan.
A rural development loan (often referred to as a USDA loan) is a mortgage that is backed by the U.S. Department of Agriculture through a special program called the USDA Rural Development Guaranteed Housing Loan program. The U.S. government created this unique program in an effort to assist low- to middle-income families in purchasing houses in rural areas. The program was also designed with the goal of boosting the economy and improving quality of life in rural areas of our country. At Family First Mortgage we agree with these goals – and that’s why we’re happy to participate in this program.
Receiving a rural development loan gives you several important advantages including a lower interest rate than with many other types of loans – as well as no down payment being required to receive the loan.
The requirements you must meet to receive a rural development loan start with the fact that the loan may only be used to purchase an owner-occupied primary residence in a rural area. However, some suburban areas may also qualify as eligible rural areas. In addition, some of the basic requirements include a good employment history, an adequate credit score and U.S. citizenship (or permanent residency).
Due to the fact that rural development loans are guaranteed by the USDA, you may only receive the loan through a participating lender such as Family First Mortgage.
The people at Family First Mortgage take pride in participating in the rural development loan program. Please feel free to give us a call and we’ll be happy to help determine if you’re eligible for this type of loan.