Do You Qualify for a Rural Development Loan?
The mortgage lending experts at Family First Mortgage can help you determine if you qualify for a rural development loan. If you live in a rural area around Lake Charles, LA, you may want to look into the possibility of taking advantage of this government-backed mortgage lending program.
A rural development loan (also known as a USDA loan) involves getting a mortgage that is backed by the United States Department of Agriculture through its USDA Rural Development Guaranteed Housing Loan Program. The government created this program in order to help low- to middle-income families buy houses in rural areas. Another goal of the program is to improve the economy and quality of life in rural areas. These goals are heartily supported by the professionals at Family First Mortgage.
Some of the advantages of acquiring a rural development loan include no down payment and lower interest rates than you would get with many other types of loans.
There are a number of requirements you must meet to qualify for a rural development loan. To start with, this loan may only be used to buy an owner-occupied primary residence that is located in a rural area. In addition, certain suburbs may also qualify as a rural area. Some of the other basic requirements include a reliable employment history, an acceptable credit score and U.S. citizenship (or permanent residency).
A rural development loan is guaranteed by the USDA, which means that you may only receive this type of loan from a participating lender such as Family First Mortgage.
At Family First Mortgage we are proud to participate in the rural development loan program. Please feel free to call us and we’ll be glad to help you determine if you qualify for this unique type of loan.