Don Harris and John Prince
from Rural Development (USDA) are this week’s guests on The Housing Hour. Don Harris is the Housing Program Director for Tennessee, and John Prince is the Guarantee Housing Coordinator. Don and John join our discussion to explain the wonderful advantages of the 100% financing option available through Rural Development. Don also explains the Rural Housing Direct program and housing repair programs made possible for millions of Tennessee families.
Don and John also talk about the Number One RD Lender in Tennessee for 2016:
Over 100,000,000 Dollars Closed Loans!
MIG: Number One Rural Housing Lender In Tennessee for 2016!
USDA Rural Home Loan
Do you know what a USDA rural loan is? FYI, if you aren’t familiar with the term, it has nothing to do with high-quality beef. USDA rural loans help moderate to low-income individuals buy homes, with 100% financing and NO down payment. You don’t need to farm or raise livestock for a living to get one of these home loans. In all seriousness, USDA rural loans are mortgages backed by the US Department of Agriculture that often apply to areas that aren’t so rural at all. Many people are obtaining USDA loans in neighborhoods that are considered suburban.
Invest in Your Future
These loans were designed to bring strength and capital to rural communities by offering loans, grants and loan guarantees that support economic and social development. USDA rural programs are responsible for millions of dollars of loans, creating jobs and wealth for communities across America. Right now, mortgage rates are very low, and with a USDA rural loans, they’ll get even lower. Click here for to see a list of all the Housing Hour’s podcasts on Loan Programs.
Single Family Direct Loans
To obtain a single family direct loan, the applicant must meet the minimum income requirements for the area in which they wish to purchase a home. Household income cannot be more that 115% of the median income for that area. Lenders will also look at your debt-to-income ratio when determining your eligibility.
With single family direct loans, many Americans who never thought they could afford loans, are buying their homes. This is fortunate for families with limited income or tight budgets. If you plan on working and taking care of your family, these loans can help you to quickly build equity and credit. Home improvements and additions can put money back into your pocket as well. Check out the Protect Your Family Series from the Housing Hour to get more ideas and tips on protecting your loved ones.
These loans apply to small towns only, with a population of fewer than 20,000 people. The buyer must also be using the property as primary residence, and have a good credit rating. In many cases renting can cost hundreds of dollars more than making payments on your home. This is good news for families that qualify for FHA mortgages but cannot cover the cost of the down payment.
Give this episode of the Housing Hour a listen for expert advice and information on USDA loans.