A Bonus to Buying Agricultural Property

By
Real Estate Agent

Silverado Canyon

Consider buying an agricultural property for savings.  USDA home loans offer 100% financing, low rates, and affordable payments. These loans are becoming more popular by the day, as buyers discover an easier way to buy a home with zero down payment.

The United States Department of Agriculture (USDA) sets lending guidelines for the program, which is why it is also called the USDA Rural Development (RD) Loan. This mortgage type reduces costs for home buyers in rural and suburban areas. It is one of the most cost effective home buying programs in the marketplace today.

Since its inception in 1949, the USDA Rural Development loan has helped over 1 million home buyers obtain housing with little or no money down purchase agricultural property. In fiscal year 2011 alone, 130,000 people benefited from the program. 

The USDA home loan is available to borrowers who meet income and credit standards. Qualification is easier than for many other loan types, since the loan doesn’t require a down payment or a high credit score. Home buyers should make sure they are looking at homes within USDA-eligible geographic areas, because the property location and zoning for agricultural property is the most important factor for this loan type. 

Hands down, the most important feature of the USDA loan is that it requires zero down. It allows for 100% financing of an eligible home’s purchase price. FHA loans require a minimum 3.5% down payment, adding thousands to upfront expenses. The no-money-down feature has allowed many people to buy a home who would otherwise be locked out of homeownership. 

Guaranteed loans are available to “moderate” income earners, which the USDA defines as those earning up to 115% of the area’s median income. For instance, a family of four buying a property in Orange County, California can earn up to $110,750 per year.

The income limits are generous. Typically, moderate earners find they are well within limits for the program.  Contact your trusted lender today to discuss your options of purchaing an agricultural property with zero down!!

 

 

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About the author: Jordan Bennett is a California Residential Real Estate Agent who holds a CPA license (certified public accountant), and SFR (short sale and foreclosure resource) and ABR (accredited buyer’s representative) designations. He is experienced in assisting clients buy and sell residential real estate.

Disclaimer: All information in this blog is deemed reliable but is subject to change at any time and is not guaranteed to be accurate nor are there any warrantees, either express or implied. This blog is not intended to offer any legal or tax advice.

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