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Rural Home Buyers....100% financing!!!!
 
Buyers who are considering financing a home in a rural area often find that it is harder to get approved for funding than it is for a home that is nestled in suburbia. Lending requirements are often too strict for lower income farmers and rural residents. Appraisal guidelines are often too stringent for many older homes or farmhouses.
To ease the burden of the potential home buyer and seller the Rural Housing Service (RHS) offers loans just for people looking to purchase older homes in rural areas. The service is a division of the US Department of Agriculture partnered with Fannie Mae on section 502 which guarantees rural housing loans and rural direct leveraging loans. These loans generally require no down payment for low to moderate income purchasers.
Fannie Mae also offers the MyCommunity MortgageTM loan program. It features flexible loans for rural residents, including low income limits and more lenient appraisal guidelines (so that lenders can make the loans more easily).
Why would you choose a rural housing loan?
As with any loan, you should always check around for the best rates, as well as for a lender you trust. But these loans are attractive because:
You need less cash up front ... more

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