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Rural Development Loans

By Michelle Way

Real Estate Agent with AVALAR Pro Realty

August 12, 2007 06:29 AM

Has anyone ever closed a Rural Development loan through USDA. Well here is the deal from what I understand. A rural development covers rural areas with NO PMI. The interest rate is like 6.5 the only catch is it has to be in a rural area. You can go online to the usda rural development web site to find out the areas in your market that will qualify. The is another draw back in MS its only 140000 in some areas 140700 in others. So it not a high amount but in this market a check is a check. Hope this blog helps someone get a buyer approved!!

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Anonymous

Michelle Robinson

We have done Rural Development here at Mortgage Strategies. It is a great product when you find properties that fit into the rural areas and the purchasers are within the income guidelines. Also, just to let you know, there is no maximum limit on the loan amount. It all depends on the purchaser's debt-to-income ratios. If you would like more information, please feel free to email me at michelle@mortgagestrategiesinc.com or call me!

Aug 13, 2007 05:53 AM

Doug Capps

Guaranty Bank & Trust Co - Hernando, MS

CLO, CRMS, MMS

Hey Michelle,

I know it's a bit late, but I just ran across your blog. We do a good bit of USDA loans in MS. USDA GRH is a good loan that can approve borrowers when they've been denied through other programs. Most of Jackson is not eligible, but is in a GO ZONE area which allows for higher income levels. If you run across a situation where we could help, just give me a call. There has also been a few "new" changes made to the USDA program.

Sep 25, 2007 02:14 PM