Are You Interested in a Rural Development Loan?
You may be eligible to receive a rural development loan if you live in a rural area around Mandeville, LA. The experienced professionals at Family First Mortgage can help you determine if you qualify while also providing you with more details about this government-backed program.
A rural development loan is mortgage (or home loan) that is backed by the U.S. Department of Agriculture through a program known as the USDA Rural Development Guaranteed Housing Loan program. This program was specifically created by the government to help low- to middle-income families buy homes in certain rural areas. The program is also intended to help boost the economy and improve the quality of life in rural America. At Family First Mortgage, we fully agree with these goals and are happy to help our customers obtain rural development loans.
When you receive a rural development loan, you benefit from several advantages including getting a lower interest rate than with other types of loans, while also not having to make any down payment on the loan.
You will need to meet a number of requirements to be eligible to receive a rural development loan. First, you must understand that this type of loan may only be used for an owner-occupied primary residence that is located in an eligible rural area. It should also be noted that some suburban areas may also qualify as a rural area. A few of the most basic requirements also include an acceptable credit score, a solid employment history and verified U.S. citizenship (or permanent residency).
Since a rural development loan is guaranteed by the U.S. Department of Agriculture, you can only receive this type of loan from a participating mortgage lender like Family First Mortgage.
Our company takes pride in participating in the rural development loan program. Should you need assistance to find out if you qualify for the program, please give us a call and our team will be happy to assist you and answer any questions you may have.