When you think of USDA I know the first thing you think is HOME LOAN FINANCING! Right? Actually, if you're like most Americans you probably think of Milk, Cows, Pigs, Corn, Farms and a beautiful farm house. Anything but mortgages.
Rural, really isn't all that rural. Here is a picture of a farm, and you'd have to go to Farmer Mac to finance it.
A USDA Rural Home Loan is designed to help families in areas that are "designated" as rural to get into a home with zero money down! In Arizona the average cash out of pocket to buy a home is "currently" $158.70 and USDA Rural Home Loan demand has BOOMED upward by 475% over the last 12 months.
Here are a couple of hot buttons for those considering financing a home:
- You can buy a home without a down payment
- You don't get charged an expensive (or any) monthly mortgage insurance payment
- Credit requirements are VERY FLEXIBLE
- A Rural designation may may look and feel like the burbs.
Stay tuned for maps of rural designated areas!
As always, if you are thinking of financing a home for any reason give me a call or contact me through this blog.
Paul Dunn
USDA Rural Home Loans
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