If there’s one question most new homebuyers have, it’s ‘how long does it take to close the loan?’ Now if you are looking at a USDA loan, you’ve probably heard the myth that these loans take ‘forever’ to close. The good news is that they are wrong. It doesn’t take much longer than any other loan. Looking for Current Mortgage Interest Rates? Click Here. The one difference between the USDA loan and any other loan is that the USDA must approve the loan. After the underwriter approves it, the … [Read more...]
USDA Escrow Holdback Rehab Mortgage Program Guidelines
The USDA provides 100% financing for borrowers in a rural area that meet certain income restrictions. What happens, though, when the appraiser says the home does not meet the USDA guidelines? Normally, you’d be out of luck – no bank would write the loan. Luckily, there is the USDA Escrow Holdback Program, though. With this program, you can buy your home and pay for the repairs all with one loan. Looking for Current Mortgage Interest Rates? Click Here. What is the USDA Escrow Holdback Rehab … [Read more...]
Developing Rural America, The USDA Dream
The United States Department of Agriculture is the federal executive department that takes responsibility in establishing and executing laws centering on agriculture, food, farming, and forestry. The Department of Agriculture was made independent and was established on May 1862. Since then, the department has focused on developing ways and means to improve agriculture in this country. Today, there are almost 60 million Americans living in the rural areas. It is approximately 18.38 percent of … [Read more...]
Proposed USDA Budget Cut May Affect Staffing, Research and Food Aid
President Donald Trump’s budget plans are reflected on “America First”. This blueprint was released by the Office of Management and Budget early March of 2017. This will include a huge budget cut on the funding for the U.S. Department of Agriculture, amounting to $4.7 billion less from 2017’s allocation. The Pres. Trump requested a budget of $17.9 billion for the USDA for the fiscal year 2018. This represents a 21 percent drop in USDA funding. The proposal includes a reduction in the … [Read more...]
USDA’s Mutual Self-Help Housing for Families in Rural Areas
Families and individuals can help each other out construct their own homes. This is through the USDA Rural Development’s Mutual Self-Help Housing Technical Assistance Grants, which will be coursed to organizations who in turn will assist participating families. Let us help you find a USDA-approved lender.» Mutual Self-Help vs Self-Help Housing Per the USDA, mutual self-help is a construction method using the labor of some four to ten families organized in groups to reduce the costs of new … [Read more...]
Opportunities Await Farming and Ranching Families
Many are born and raised to be farmers, some grew to love such a noble trade. And while many crop and livestock farming corporations emerged in the recent decades, there are still a huge number of farming and ranching families across the United States. In the latest Farms and Land in Farms 2016 Summary released by the United States Department of Agriculture (USDA) National Agricultural Statistics Service, there are approximately 2.06 million farms in the country. Although the number looks … [Read more...]
How Many USDA Rural Housing Programs Are There?
The USDA develops and strengthens communities in rural America with housing grants and loans made directly to individuals and families, or through public bodies and organizations. These rural housing programs are used in buying, constructing, repairing, or refinancing homes in rural areas. Which among the rural housing programs is for you? Take your pick. This way to USDA-approved lenders.» Rural Housing Programs Here’s a summary of the salient points of the USDA rural housing programs, as … [Read more...]
Is Your Area Rural?
Many Americans think a USDA loan is only for farmers, but lately, more and more people are taking advantage of getting a mortgage insured by the HUD under the USDA to live their dream lives in the country and get away from all the hustle and bustle of urban life. Why a USDA loan? Simple. You don’t need a down payment, have very small initial acquisition fees and closing costs, and has one of the lowest interest rate offers among the available federal loan programs today. Yet, to be able to … [Read more...]
Looking into USDA’s Single Family Housing Guaranteed Loans
If you're looking into owning homes in the rural areas, it's well worth looking into USDA loans. Among their rural housing loan programs, the guaranteed loan is one of them. To be more specific, Single Family Housing Guaranteed loan is all about helping low and moderate income households own a modest home for the family to live in. These loans run for 30 years. Its interest rates may vary depending on the lender. You can also ask a lender today.» Who are eligible? Certain applicant … [Read more...]
USDA Provides $14-Mil. in Rural Energy Savings Loans to Nonprofits
The USDA awarded two rural energy providers with zero-interest rural energy savings loans totaling $14 million, according to its May 10 public statement. This marks the first loans made under the USDA’s Rural Energy Savings Program (RESP), which finances energy efficiency projects for rural families and businesses. According to USDA Acting Deputy Under Secretary Roger Glendenning, ”Funding commercial, farm and residential energy efficiency investments supports rural economies. These … [Read more...]