If you are more comfortable living surrounded by pastures more than the urban jungle, owning a home is quite within reach more than you would know. This is thanks to a U.S. Department of Agriculture rural mortgage program. Also referred to as the Rural Development Guaranteed Housing Loan Program has to be one of the least known mortgage assistance programs. Nonetheless, it has the potential to help you.
Established as part of the efforts to spur growth and development in rural America while also improving the quality of life under the Rural Development program, the USDA loans have helped numerous people. For instance, in 2017, these loans helped more than 127,000 families in their quest to buy a home or upgrade their homes.
The unique things about the USDA home loans are their favorable terms. For starters, the loans do not require any down payment for eligible applicants looking to purchase and or upgrade rural and suburban homes. Moreover, they also attract low-interest rates. Importantly, it is surprisingly accessible.
But what makes it the best mortgage loans option for you, given that you have plenty of options to choose from. Below is an overview of how the USDA mortgage loan work and who qualifies for the assistance loans:
Prodigy Lending is a DBA of AmCap Mortgage, Ltd. (NMLS ID# 129122 – www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/129122), an Equal Housing Lender.
Managing RMLO: Jason Turner (NMLS #286357)