Rural Housing Loans around Scott AFB

Services for Real Estate Pros

Did you know that there are quite a few apparently "suburban" areas that are still eligible for USDA Rural Development loans?  I was digging around on the USDA web site the other day and, out of curiosity, entered a couple of local addresses.  Much to my surprise, I discovered that quite a bit of the area which looks pretty suburban is actually classified as "rural" according to the USDA.  Starting just a little east of Hartman Road, from 64 south to E B Street and heading east, there's a fairly big patch of subdivisions (like High Valley Lake Estates and the Greystone Estates, for instance) that fall within the USDA's eligibility map for the rural housing mortgage program.

So what? You ask..... Well, what it means for people in and around Shiloh and Scott AFB is that VA loans aren't the only 100% financing option anymore.  That's right, with a Rural Housing mortgage, you can finance the entire purchase price of your new home and you don't need to be a veteran to do it, as long as the home falls within an eligible area.  You don't need a down payment, the program requires no mortgage insurance and all that's needed is a 620 representative credit score.  On top of that, both seller concessions (generally up to 6% of the purchase price) and gifts are permitted under the program. 

To find out if the property you're interested in falls within an eligible area, you can visit the USDA's eligibility finder by clicking here.

At Pan American Mortgage, we offer the USDA Rural Housing Mortgage and can pre-qualify you within a matter of hours.  To get YOUR prequalification today, visit my website and apply now!


Comments (1)

Andrew Mooers | 207.532.6573
Northern Maine Real Estate-Aroostook County Broker

Super program to pitch, use. In rural Maine, it is a well used tool to get Maine real estate buyers in to a home of their own. Good run down and reminder.

Oct 26, 2009 10:44 PM