The United States Department of Agriculture (USDA) has developed several loans to help low- to moderate-income borrowers to purchase or refinance a home in a designated rural area. The mission of USDA Rural Development’s Single Family Housing Guaranteed Loan Program is to assist rural home buyers achieve their dream of homeownership.
For those who qualify, 100% financing is available, allowing the dream of home ownership to be within reach. With low interest rates and flexible guidelines, a USDA home loan could help you achieve your financial goals. Many homeowners are surprised to find out how many properties just outside major cities qualify for a USDA loan even though they are anything but “rural”.
USDA loans are a very attractive option for borrowers who want to purchase a home or refinance their current USDA mortgage. USDA loans are for rural areas but rural does not necessarily mean remote. Do not assume that the eligible properties are all located miles and miles from civilization.
A quick eligibility check will allow you to track down homes that meet the USDA guidelines. Guess what? Many of them are in close proximity to some of the nation’s fastest growing metro areas, for example the Matanuska-Susitna Borough which encompasses the towns of Wasilla, Palmer and Big Lake and is about a 45 minute to 1 hour drive from the city of Anchorage.
Due to the enormous size of Alaska there are more rural areas that would qualify for USDA financing. USDA financing is one of the only mortgages available other than those for members of the US military that offer zero money down. It is an excellent option for those with low to moderate incomes or less than perfect credit. Payments are kept affordable, thanks to the fact that the loans are 30-year fixed rate mortgages.
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The Turnkey Foundation Inc. DBA FOCUS HOME LENDING NMLS# 2596369 | 866.639.6554 | Restrictions may apply. Program rates, prices, guidelines, fees, costs, terms, and conditions are subject to change without notice. Not intended to solicit buyers or sellers currently under contract with a brokerage. Whole or partial reproduction is forbidden without written permission from the publisher. Equal Housing Lender. NMLS# 236669 | DRE# 01845041
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