What is USDA Rural Development?
The USDA Rural Development Loan Program is a program designed to make rural housing more affordable. USDA loan program eligibility depends upon applicant income and the purchase property location. With USDA Rural Development loans, you can finance a home with no down payment
USDA Program Eligibilty Extended
The U.S. Department of Agriculture announced last week that USDA Rural Development program has been extended until September 30, 2013. Areas that were eligible for USDA financing (Single Family and Multi-Family Housing Programs) on September 30, 2012 will remain eligible until September 30, 2013.
On October 1, 2012, the USDA was expected to revise its definition of “rural.” This revision would have made USDA rural development funding more restrictive. Eligibility would have been limited to communities with a population less than 20,000 not located within a MSA (metropolitan statistical area). Half the rural population in America lives within a MSA and would be ineligible for the USDA rural development loan program if this change had been implemented.
Communities in Wisconsin that could be affected if the change is implemented later this year include: Burlington, Hartford, Muskego, Port Washington, Portage, River Falls, Stoughton, Sussex, Vernon, and Waunakee. A very large number of Florida communities could be affected as well.
Need more information on the USDA rural development loan program? Consult a licensed mortgage loan professional near you.
One Inlanta Mortgage loan officer has been recognized among the nation’s Top Originators 2012 for her efforts to help borrowers with the USDA Rural Development Program. Laura Leonhard, branch manager in Marshfield, Wisconsin was recognized in a recent release by Scotsman Guide. Laura has been recognized as the #1 USDA Lender by volume in the country.
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Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.
Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016. Inlanta Mortgage is proud to be a recent recipient of a 2012 Top Workplace Award.