USDA loans create homebuying opportunities in rural areas
The U.S. Department of Agriculture Rural Development is giving low and moderate income families living in rural areas an opportunity to make homeownership a reality.
The Single Family Housing Guaranteed Loan Program assists approved lenders in providing eligible households the opportunity to own homes in eligible rural areas. These USDA loans may involve no down payment required and a 30-year fixed rate mortgage.
Household income must meet certain guidelines to be eligible for many USDA loans. Applicants must also agree to personally occupy the dwelling as their primary residence, among other required criteria. In addition, the home itself must be in an eligible rural area as defined by USDA.
“Providing affordable homeownership opportunities promotes prosperity, which in turn creates thriving communities and improves the quality of life in rural areas,” explains the USDA’s website.
USDA loans must meet local USDA approval guidelines as they vary by state.
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