There is a loan type available to many in this area that we kiddingly refer to as the USDA mortgage (as in USDA prime meat) and it really is a program under the U. S. Department of Agriculture. Here is its mission statement from it’s Web site.
Rural Development is committed to helping improve the economy and quality of life in all of rural America. Through our programs, we touch rural America in many ways. Our financial programs support such essential public facilities and services as water and sewer systems, housing, health clinics, emergency service facilities and electric and telephone service. We promote economic development by supporting loans to businesses through banks and community-managed lending pools. We offer technical assistance and information to help agricultural and other cooperatives get started and improve the effectiveness of their member services. And we provide technical assistance to help communities undertake community empowerment programs. We have an $86 billion dollar portfolio of loans and we will administer nearly $16 billion in program loans, loan guarantees, and grants through our programs. Rural Development achieves its mission by helping rural individuals, communities and businesses obtain the financial and technical assistance needed to address their diverse and unique needs. Rural Development works to make sure that rural citizens can participate fully in the global economy.
Now you may think, based upon that description that this is a program only for farms and farmers. Not so. Much of Oakland County qualifies as “rural”, even in places like the Village of Milford or Highland. I recently represented a home in Highland, in a neighborhood on White Lake where the buyers qualified for a USDA RD loan. And the best part, these loans still qualify for almost no money down and have great interest rates.
You should go to the USDA Rural Development Web site for more information. You’ll have to establish and account there to get the full information on the program and to see if the area that you are looking in qualifies. This may even be a better program for you than an FHA loan. Go there and check it out. If you’ve got to get a loan, if might as well be a USDA Choice loan through the Rural Development program.
Rural Development is committed to helping improve the economy and quality of life in all of rural America. Through our programs, we touch rural America in many ways. Our financial programs support such essential public facilities and services as water and sewer systems, housing, health clinics, emergency service facilities and electric and telephone service. We promote economic development by supporting loans to businesses through banks and community-managed lending pools. We offer technical assistance and information to help agricultural and other cooperatives get started and improve the effectiveness of their member services. And we provide technical assistance to help communities undertake community empowerment programs. We have an $86 billion dollar portfolio of loans and we will administer nearly $16 billion in program loans, loan guarantees, and grants through our programs. Rural Development achieves its mission by helping rural individuals, communities and businesses obtain the financial and technical assistance needed to address their diverse and unique needs. Rural Development works to make sure that rural citizens can participate fully in the global economy.
Now you may think, based upon that description that this is a program only for farms and farmers. Not so. Much of Oakland County qualifies as “rural”, even in places like the Village of Milford or Highland. I recently represented a home in Highland, in a neighborhood on White Lake where the buyers qualified for a USDA RD loan. And the best part, these loans still qualify for almost no money down and have great interest rates.
You should go to the USDA Rural Development Web site for more information. You’ll have to establish and account there to get the full information on the program and to see if the area that you are looking in qualifies. This may even be a better program for you than an FHA loan. Go there and check it out. If you’ve got to get a loan, if might as well be a USDA Choice loan through the Rural Development program.
Posts
No comments:
Post a Comment