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Thursday, April 5, 2012

Thousand Oaks, Trinity Fl. Qualifies for USDA $0 Down Financing

USDA Logo
United States Department of Agriculture
 
"What, loan assistance from the Department of Agriculture? Seriously??? I thought they only cared about the citrus crop and strawberries and stuff."
 
No, the USDA oversees and is a part of a wide range of agricultural topics including RURAL DEVELOPMENT and URBAN SPRAWL. According to the USDA, Rural Development (RD) is committed to helping improve the economy and quality of life in all of rural America by providing financial programs to support essential public facilities and services as water and sewer systems, housing, health clinics, emergency service facilities and electric and telephone service. Rural Development promotes economic development by providing loans to businesses and home owners to be, through banks and community-managed lending pools, while also assisting communities to participate in community empowerment programs. RD helps rural areas to develop and grow by offering Federal assistance that improves quality of life. RD targets communities in need and then empowers them with financial and technical resources.
 
USDA Rural Development forges partnerships with rural communities, funding projects that bring housing, community facilities, business guarantees, utilities and other services to rural America. USDA provides technical assistance and financial backing for rural businesses and cooperatives to create quality jobs in rural areas. Rural Development promotes the President's National Energy Policy and ultimately the nation's energy security by engaging the entrepreneurial spirit of rural America in the development of renewable energy and energy efficiency improvements. Rural Development works with low-income individuals, State, local and Indian tribal governments, as well as private and nonprofit organizations and user-owned cooperatives.
 
Guaranteed Housing LoansEligibility: Applicants for loans may have an income of up to 115% of the median income for the area. Families must be without adequate housing, but be able to afford the mortgage payments, including taxes and insurance. In addition, applicants must have reasonable credit histories.

Terms: Loans are for 30 years. The promissory note interest rate is set by the lender. There is no required down payment. The lender must also determine repayment feasibility, using ratios of repayment (gross) income to PITI and to total family debt.

Highlights: Borrowers are required to have a household income of no more than $75,000 per year and a credit score of no less than 640 to be eligible.

For more information about this program, or to file an application, contact the local Rural Development office in your area or go to their website at the following link:
 
 


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