Rural Development Loan

Do you think you may be eligible for a rural development loan? The prospect of home ownership can be very exciting. Ross Mortgage can help you determine if you meet the eligibility requirements to own a home of your own off the beaten path.

When applying for a rural development loan, you must keep several things in mind:

• You must identify whether or not the property you have selected falls within in the United States Department of Agriculture’s (USDA) description of a rural area. For instance, these do not include towns or communities adjacent or contiguous with non-rural communities.
• The area that you have chosen must not have a population in excess of 10,000 people.
• You must meet certain household income requirements.

A rural development loan is sometimes a great option for people who may not otherwise be able to purchase a home. Additional benefits associated with this type of loan include, true zero-down financing, repairs that can be financed, no monthly mortgage insurance and allowance of seller contributions and third party gifts.

If you have questions about your rural development loan, please contact a Ross Mortgage loan officer today.