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USDA Program Makes "Rural" Homes More Accessible

One of the biggest difficulties many first-time homebuyers face is a lack of down payment and the necessary funds for closing costs. However, even with the widespread availability of "no-money-down programs" evaporating in the credit crisis, one national no-down payment program still remains: USDA Rural Development home loans.Guaranteed by the USDA (United States Department of Agriculture), this program might make you think that homebuyers have to buy farmland or live "in the country" to qualify, but this is often not the case. In fact, you might be surprised to see just how many neighborhoods actually do qualify as rural development areas. For this program, the term "rural" really applies to those areas with a lower population or fewer homes, not necessarily those areas and neighborhoods far outside of the city.Other than the location of the property homebuyers are seeking to buy, there is one other limitation to this valuable program that homebuyers must consider: their income. Luckily, however, these numbers have recently increased to allow more potential buyers to take advantage of this special program. For households in non-high cost areas, with up to four people, the income limit can be over $70,000 (every area will be different). In households where 5-8 people reside, the income limitation can be over $90,000 (again, every area will be different). These income limitations are guidelines and, in some cases, may be exceeded.

It's important to note that buyers don't have to be first-timers to qualify for a USDA loan. However, in most cases they cannot own another property at the time of closing a USDA mortgage.To find out more about USDA loans, give us a call. For more information and income limits, go to http://eligibility.sc.egov.usda.gov.

Rob L. Koellner

Mortgage Broker

Mobile: 970-412.8369

FHA, VA, Conventional, USDA

Online Application: www.RobKoellner.com

Excel Financial Group, LLC NMLS #389894

Robert L. Koellner Colorado DORA LMB #100020375

Robert L. Koellner NMLS #315073