Do you dream of raising your children in a rural, country atmosphere? Does the idea of a home with more space between you and your neighbors sound appealing? A home in the Colorado countryside may be more possible than you realize thanks to the U.S. Department of Agriculture, ( USDA) guaranteed home loan program.
Yes that’s right, the USDA does more than inspect the delicious steaks we love to eat, they also offer home loans for people with low to moderate incomes to encourage growth in less populated areas and provide opportunity for homeownership. USDA believes providing affordable homeownership opportunities promotes prosperity, which in turn creates thriving communities and improves the quality of life in rural areas. We couldn’t agree more. If your household has 4 people or less and the combined household income is $84,400 or less, you may be able to qualify for one of the USDA loans, (figure specific to the Colorado Springs locale).
Why not get all the advantages of home ownership? In the current high-rent market of Colorado Springs, it is possible your monthly mortgage payment will be the same or less than you would pay to rent a similar home. USDA loans are for people who want to live outside the city limits and plan to reside in the home for the foreseeable future. They are also ideal for first-time buyers who don’t have money saved for a down-payment and they even cost less than FHA loans!
Some primary benefits of a USDA home loan are:
- NO money down and up to 100% or more financing
- USDA mortgage insurance rates are lower than FHA mortgage insurance rates
- Competitive low fixed 30 year interest rates
- No assets needed to qualify
- No maximum loan amount caps
- Refinancing of eligible existing loans
- Complete eligible home improvements including new lawns or installing new energy efficient items
- No acreage restrictions so you CAN afford that ranch
If you already live in a home located in a rural area and have a lower income, consider a USDA Home Repair Loan. You may qualify for up to $20,000 dollars for a variety of home improvement options such as new carpet or changes needed for people with a disability.
Eligibility requirements for all USDA loan types are based on the county the home resides in, the number of people living in the home and their combined annual income. For complete details see the USDA eligibility guidelines at: https://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do#
Call David Wright or your favorite loan officer at A Plus Mortgage for program clarifications and pre-qualify for these outstanding loan opportunities. In addition to being a Colorado licensed mortgage loan officer, David has lived in the Colorado countryside for 20 years and loves sharing the beauty of it with all his family, friends and customers.
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United States Department of Agriculture- Rural Development; Single Family Housing Guaranteed Loan Program; https://www.rd.usda.gov/programs-services/single-family-housing-guaranteed-loan-program
Single Family Housing Repair Loans and Grants: https://www.rd.usda.gov/programs-services/single-family-housing-repair-loans-grants
Consumer Financial Protection Bureau: FHA Loans; https://www.consumerfinance.gov/owning-a-home/loan-options/FHA-loans/
Consumer Financial Protection Bureau: Special Loan Programs; https://www.consumerfinance.gov/owning-a-home/loan-options/special-loan-programs/