Rural Development

By
Mortgage and Lending with Lending4UNow/Rapid Mortgage

Rural Development

The USDA does have an interesting home loan plan called Rural Development. 

 To qualify for this special loan, the homes location has to be in a qualifying zone. Usually this lies outside

the city boundaries. A 640 minimum credit score is required by the l...ender. Household income can not

exceed 115% of the median income for the county in which the home is located. Income is projected

forward including projected pay raises. Borrowers must lack sufficient resources to secure a conventional

loan. (Generally 20% Down) So if you have a potential buyer who may be a little credit impaired, who

wishes to live a bit out in the country, allow me to do some due dilligence with your clients  and let's see

 if I can get them qualified for a home under the USDA Rural Development banner.

~Joe~

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Topic:
Mortgage / Finance
Tags:
rural
lending
loan officers
realty
realtors
purchase
mortgage

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