Are you considering getting a USDA Housing Loan? Here is some interesting information about them.
Following the financial crisis that hit the whole world back in 2008/09, lenders in the market are now more cautious than ever before. With this in mind, it is now harder for first-time buyers to obtain the appropriate financing. For those with low incomes, it is an almost impossible task so the US Department of Agriculture (USDA) has taken some steps to make the process easier.
Now, millions of borrowers will have access to a rural mortgage program – systems that have been in place for many years. Primarily, these are loans designed for low-income families and individuals who want to own their very own home in a rural area.
With the funds, these people can build, repair, relocate, or renovate a home and it covers all related expenses. For example, sewage and water costs are covered when preparing a piece of land for development. Even if the borrower defaults on payments, the funds of the loan will be guaranteed and the lender will not suffer.
Need a home inspection to go with your USDA loan? Then contact us!