Find Out if You Qualify for a Rural Development/USDA Loan in Baton Rouge, LA
If you live in a rural area around Baton Rouge, you may be eligible to receive a rural development loan. The home loan experts at Family First Mortgage are experienced with these specific 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).
Because rural development loans are guaranteed by the USDA, you may only receive the loan through a participating lender such as Family First Mortgage. Our team takes pride in participating in the rural development loan program and would be happy to explore this option with you. Please feel free to give us a call, and we’ll can help you determine if you’re eligible for this type of loan.
