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 home … [Read more...]
It’s Time To Shed A Light On The Common USDA Loan Misconceptions
May it be the internet or the good old word-of-mouth, sources could bring misconceptions that raise doubts and questions. And like any other housing loans, USDA loans have their fair share of misconceptions. However, we can shed some light on these things and finally debunk the myths about it for a clearer understanding on the matter. Got more questions? A lender can help you.» Misconception: "USDA loans are for farmers and for farms only." People usually associate "rural" to farm areas or … [Read more...]
$6M Assistance Fund set for Wildfire-struck Farmers
The U.S. Department of Agriculture allocated 6 Million Dollars as disaster assistance fund for agricultural producers affected by wildfires. This funding is made possible through the Environmental Quality Incentives Program, a voluntary program that provides funds for the planning and implementation of conservation methods to improve and rehabilitate agricultural natural resources, including scorched land. Kansas, Oklahoma and Texas farmers will soon be able to send their applications to … [Read more...]
Be Surprised! Your Home might just be in an Eligible Rural Area
One of the most promising government-backed loans in the market is the USDA loan. With a low down payment and no mortgage insurance fees, this one’s really something to consider. But here’s the catch. Your property has to be located in an “Eligible Rural Area”. There’s no chance your home is sitting on top a rural estate! When you think of “rural”, you picture out farms where you raise livestock and grow fresh produce. Well, think again! You might be living in an urbanized city where … [Read more...]
Getting to Know the USDA’s Farm Labor Housing Program
As part of its continued effort to provide affordable housing for Americans living in the rural areas, the USDA is cooking up a program that could provide financing to both year-round and migrant or seasonal farm laborers. A domestic farm laborer is defined as an individual receiving part of his or her income from farm labor employment. The program provides low-interest loans as well as grants based on needs which may not exceed 90 percent of the project’s cost. The terms of the loan include … [Read more...]
Can You Get a USDA Loan Without Any Credit?
Your credit score is typically one of the most important factors that lenders will look at to evaluate your home loan or mortgage application. Having a credit score is not enough. You need to build sufficient history and a timeline of payments without any delinquencies. Typically, you need a score of 620 or above to qualify for a conventional mortgage. But if your credit score is too low, you can try to apply for government-insured mortgages such as the USDA loan, which does not have … [Read more...]
Meet USDA’s Affordable Multi-Family Housing Program
The USDA finances the construction and improvement of affordable multi-family housing projects in rural America. It has funded 41,000 rental units for two decades now. In 2016 alone, the agency allotted $74 million for the development of 2,765 units. If you plan to rent a home while looking for a place to call your own, there may be a USDA-funded multi-family housing near you. We can help you find a USDA lender, too.» USDA Multi-Family Housing Program The USDA provides affordable rental … [Read more...]
Does Your Home Meet the USDA Direct Loan Minimum Property Requirements?
The USDA has been clear about a “modest, but also decent, safe and sanitary” home to be eligible for its direct loans. What are relevant USDA direct loan minimum property requirements to meet this eligibility? Is the home you’ve been eyeing qualified for a USDA direct loan under these standards? Find out more about USDA loans here.» USDA Direct Loan Minimum Property Requirements Essentially, the USDA qualifies a modest home as what is considered modest for that rural area and its market … [Read more...]
Are You Eligible for a USDA Loan?
One of the most advantageous government insured mortgage programs is the USDA loan - mortgages backed by the US Department of Agriculture as part of its Rural Development Guaranteed Housing Loan Program. It is also popularly known as RD home loan. Many homeowners are realizing the advantage of this mortgage program. However, USDA mortgages have a limited reach and are only available to certain individuals who meet its eligibility requirements. How do you know if you or your property qualifies … [Read more...]
Is a High Credit Score Mandatory for USDA Loan Approval?
USDA loans are typically easy to qualify for, but they do have certain credit requirements you must meet in order to get approved for this program. If you meet the credit requirements along with the income and debt ratio qualifications and you purchase a home within the USDA boundaries, this financing method can be a great way to purchase a home. The Credit Score The USDA credit requirements state that a score cannot be below 580 in order to qualify for a loan in this program. In addition, if … [Read more...]