You May Qualify for a Rural Development Loan
If you live in a rural area around New Orleans, LA, you may be eligible to get a rural development loan. The lending experts at Family First Mortgage can help you find out if you qualify for this government-backed mortgage lending program and discuss all of the details with you.
Often referred to as a USDA loan, a rural development loan is a mortgage (or home loan) that is backed by the United States Department of Agriculture through a unique program known as the USDA Rural Development Guaranteed Housing Loan program. The U.S. government developed this program with the specific goal of helping low- to middle-income families buy homes in certain rural areas. The program is also intended to improve our national economy and boost the quality of life in rural areas. At Family First Mortgage we wholeheartedly agree with the goals of the rural development loan program – and we’re happy to participate by helping our customers obtain these loans.
There are several benefits to receiving a rural development loan – including getting a lower interest rate than with other types of mortgages and not having to make a down payment for the loan.
There are certain requirements you will need to meet before you can qualify for a rural development loan. This type of loan can only be utilized to purchase an owner-occupied primary residence in a rural area. However, in some cases there are certain suburban areas that are accepted as eligible rural areas. A few of the other basic requirements you must meet include a good employment history, an acceptable credit score and having U.S. citizenship (or permanent residency).
Because the USDA guarantees rural development loans, you may only receive this type of loan from a participating lender such as Family First Mortgage.
The team at Family First Mortgage is proud and pleased to participate in the rural development loan program. We invite you to call us anytime to find out if you are eligible to receive this type of loan and learn all the details.