Looking for a Rural Development Loan in the Lafayette LA Area?
If you live in a rural area or the suburbs around Lafayette, LA, you may qualify for a rural development loan. At Family First Mortgage, we can help you to determine if you are qualified for a rural development loan, while also discussing the details about this government-backed mortgage lending program.
Also known as a USDA loan, a rural development loan is a mortgage that is backed by the U.S. Department of Agriculture through the USDA Rural Development Guaranteed Housing Loan program. The program was created to help low- to middle-income families purchase homes in eligible rural areas. The rural development loan program was also designed to improve the economy and quality of life in rural America – which is something that we also like to promote at Family First Mortgage.
There are a number of advantages to getting a rural development loan, which include lower interest rates than many other types of mortgages as well as no down payment being required.
To qualify for a rural development loan you must meet certain requirements. This type of loan may only be used to purchase an owner-occupied primary residence located in a rural area (although some areas in certain suburbs may qualify). Other basic requirements include U.S. citizenship (or permanent residency), a history of reliable income and an acceptable credit history.
Because a rural development loan is guaranteed by the USDA, you can only receive this type of loan from a participating local lender, such as Family First Mortgage.
We are proud to participate in this mortgage lending program and will be happy to help you find out if you qualify for a rural development loan. Call us anytime to learn all the details about this unique lending option.