7 Benefits of Using a Rural Housing Loan to Finance Your Cache Valley Utah Home Purchase

Recently, the Rural Housing mortgage program received more government funding. The purpose of this article is to highlight several of the wonderful benefits of the Rural Housing Loan for Cache Valley and some of the surrounding areas of Logan, Utah.

1. The Rural Housing Loan allows 100% financing. The Rural Housing mortgage is one of a few mortgage programs left that allow a borrower to purchase a home in Cache Valley, Utah with no down payment. This allows the borrower to keep some of their money in their bank accounts for a rainy day fund.
2. The Rural Housing Loan does not require monthly mortgage insurance. Besides the VA loan, there isn't a loan program available that doesn't require monthly mortgage insurance without a 20% down payment. This means that the Rural Housing loan will offer one of the lowest monthly payments per dollar borrowed for home buyers in Cache Valley, Utah.
3. The Rural Housing Loan still allows credit scores down to 620. With many FHA lenders raising their minimum credit score requirement to 640, Rural Housing is one of the few loan programs left that will allow borrowers to have a credit score down to 620.
4. The Rural Housing Loan allows the seller to pay for the buyers closing costs. Sellers can pay up to 6% of the buyers closing costs. Because of this, many Cache Valley home buyers can buy a home without bringing any money to the closing table.
5. The Rural Housing Loan has higher income limits than other first time home buyer programs. The annual income limit for a family size up to 4 in Cache Valley is $74,050, and $97,750 for a family of 5 or more. Visit this website to find out if you qualify for the Rural Housing loan in Cache Valley.
6. The Rural Housing Loan is not just for first time home buyers. There is a common misconception that the Rural Housing loan is just for 1st time buyers. This is not true. It works great for 1st time buyers because of the 100% financing but it also works great for any buyer that doesn't have 20% down.
7. The Rural Housing Loan is available for most of Cache Valley, Utah. Cache Valley has so many incredible places to live. With the Rural Housing mortgage, home buyers can purchase in cities such as Smithfield, Hyde Park, Nibley, Millville, Hyrum, Wellsville, Mendon, Paradise, Benson, Amalga, Newton, Clarkston, Trenton, Richmond, and Petersboro. Visit this website to type in an address and see if it is eligible for Rural Housing financing.

I personally love this program because it makes it possible for many Cache Valley home buyers with out a significant down payment to purchase a home. I can also be contacted at 435-755-2177 if you have any questions about the Rural Housing mortgage loan program.