USDA Rural Development
Achieving the dream of home-ownership could be more attainable than you have anticipated. If you are concerned about the affordability of purchasing a home, it is important to know you have options when it comes to loan programs. One popular government loan is USDA Rural Development.
The program was originally created to boost the development of land in more rural areas of
the country. Back when it was created, the USDA program’s sole purpose was to make rural living more achievable so that people who live in major cities could live within their means in the country, and ultimately help boost the economy in these areas as well. The program has grown significantly and is now able to help lower income families or individuals purchase homes in rural areas. We asked our very own Laura Leonhard, who is the #3 USDA lender in the nation, some common questions about this program. Here is what she had to say about USDA financing:
Q: What makes USDA different from other loan programs?
LL: USDA offers 100% financing. They also add in closing costs and any prepaid items. Another great bonus is that home repairs can be added to the loan as long as the appraised value comes in high enough.
Q: What are the benefits of going with USDA Loans?
LL: Many of the features that make USDA different are benefits of this loan program. Also, no money down, which is huge for some people. There is also reduced mortgage insurance premiums.
Q: What are the downfalls?
LL: The guarantee fee is a downfall to the USDA loan program, but that will be reduced this coming September!
Q: Is this program a good choice for first-time home buyers?
LL: Absolutely. With the no money down and many other great benefits, this would be perfect for first-time home buyers who may not have a lot of combined household income.
Q: What documentation is required when applying for USDA loans?
LL: The documentation requirements are the same as any other loan, unless there is a tougher credit situation. Then, there might be additional documentation required that will be disclosed by your loan officer.
Q: How do I know if I am eligible for USDA?
LL: A pre-approval will tell you if you are eligible for a USDA loan. You, as well as the location of the home you plan to buy, must be USDA eligible to qualify for this loan. This loan program does have income limits for the county the home is located in as well as the number of people in the household.
Q: Do USDA loans exclusively go towards the purchase of a home?
LL: No, it can also go towards refinancing. However, you can only refinance with a USDA loan if your original home loan was also USDA.
Now that you know a little more about the USDA program, contact a loan officer near you to see if you, your family, and the house you want to purchase qualify. Let us help you make your dream of homeownership a reality!
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Headquartered in Brookfield, Wis., Inlanta Mortgage was established in 1993. The company has grown to 35 branches in 16 states and over 240 employees. Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as jumbo and portfolio programs. The company is an agency approved lender for Freddie Mac, Fannie Mae, FHA/VA, FHA 203K and USDA. Inlanta Mortgage also offers numerous state bond agency programs.
Inlanta Mortgage was recently named a Top Workplace for a third time in 2016. Inlanta has also received the Platinum Million Dollar USDA Lender Award and has been recognized as a Top Mortgage Employer by National Mortgage Professional and a Top 100 Mortgage Banking Company and 100 Best Mortgage Companies to Work For by Mortgage Executive Magazine.
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