Did you know that the USDA helps people to buy homes in rural areas? If you are looking for a home in Ohio where the population is less than 10,000, you may be eligible for a USDA loan. You can check this interactive map to see if a home you are interested in is in a qualifying area.
One of the main differences of this kind of loan versus some more traditional loans is that there is no down payment requirement. A client of mine is going through USDA and has reported low interest rates as well. In my immediate market, not every home is going to qualify, but if you are looking for that place in the country, this might be the loan for you.
Here are a few links explaining the requirements for several of the USDA programs. Be sure to talk to your lender for details.
http://www.rurdev.usda.gov/HAD-Guaranteed_Housing_Loans.html
http://www.rurdev.usda.gov/oh/grhhousing.htm
http://www.rurdev.usda.gov/HAD-Direct_Housing_Loans.html
Jennifer
No comments:
Post a Comment