One of the types of loans that you can find in East Idaho and throughout the United States is the USDA Rural Development loan. It provides low-and-moderate-income households an opportunity of their own to obtain a house. The USDA Rural Development loan is one of the few loans that have a zero-down payment and discounted interest rates. While it still requires monthly mortgage insurance, it is lower compared to others.
The Rural Development loan has two different kinds: guaranteed and direct. With the guaranteed loan, the USDA approved lender is who issues the loan, and there is no max loan amount. With the direct loan, the USDA issues the loan and offers payment assistance through a subsidy. Home-buyers also can’t have access to safe or sanitary housing and have a low or very low income. They also have to be unable to find financing anywhere else and not be suspended from federal programs. The property that they buy also has to be less than 2000 square feet for the direct loan.
If you’re looking to buy a home in East Idaho, take a deeper look of this loan.
The following factors will determine your eligibility to receive this loan.
The USDA Rural Development loan funds can be used for a variety of things.
The application process doesn’t have that many steps and, as long as you qualify, should not be a difficult process. To apply for a Rural Development loan, take the following steps:
Like with all loans, there are some pros and cons to each. Here are a few of those pros and cons.
If you’re looking for a home in Rexburg, Idaho or elsewhere in East Idaho, take the next step and apply for the USDA Rural Development loan. Contact approved lenders in Rexburg to learn more, and soon you’ll find yourself in a new home.