When in the market to purchase a home, there are many financing options available. Some financial decisions to consider may be the amount of down payment, total monthly payment, term of the loan, or length of time that you will live in the home (or wish to keep the mortgage).
If you are considering purchasing a home that is outside the city limits, one of the popular choices for a mortgage is the Rural Development Program, which is guaranteed by the U. S. Department of Agriculture. This mortgage program is available for the purchase of eligible property located outside the city limits, and does not require a down payment. The Rural Development mortgage offers competitive fixed rate mortgages with terms up to 30 years. In some cases, the closing costs and prepaid items may be financed into the loan. This program allows flexible underwriting, but has qualifying income limitations. The income limitation will vary based on the Parish where the property is located and other factors, including the number of dependents of the borrower(s).
Contact a USDA-approved lender today to discuss your mortgage options. It is essential to work with a mortgage professional that understands what is important to you, and helps to determine the choices available based on your individual needs. Contact your Realtor today and ask for a referral to a professional mortgage lender.
Pierremont Mortgage, Inc.