If you are searching for a rural home in North Texas and you fear you may not qualify for a conventional home loan because you have a low to moderate income, take a look at one of the best home loan programs in the United States administered by the U.S. Department of Agriculture (USDA) - the Single Family Housing Guaranteed Loan Program. Â You may be surprised to learn that USDA loans near Plano TX include loans for single family housing. Â Many people assume that USDA loans are only for farms and ranches; but the USDA offers loans for family homes in rural areas as well. Â Hereâ€™s what you need to know about the program:
â–ªWhat The Program Does The Single Family Housing Guaranteed Loan Program helps approved lenders provide low- or moderate-income homebuyers the opportunity to own adequate, modest, decent, safe and sanitary dwellings as primary residences in eligible rural areas. Â Applicants who are deemed eligible can build, rehabilitate, improve or relocate a dwelling in an eligible rural area. Â The program guarantees 90 percent of the loan note to approved lenders to mitigate the risk of extending 100 percent loans to low- and moderate-income homebuyers.
â–ª Who Is Eligible Applicants who may apply for the program must: Â Â â–ª Meet specific income requirements Â Â â–ª Must agree to occupy the dwelling themselves and use it as their primary residence Â Â â–ª Be a U.S. citizen, U.S. non-citizen national or qualified alien Â Â â–ª Have the legal capacity to incur the loan Â Â â–ª Have not been suspended or barred from participating in federal loan programs Â Â â–ª Demonstrate a willingness to meet their credit obligations in a timely manner Â Â â–ª Purchase a dwelling that meets all of the programâ€™s criteria
â–ª Which Rural Areas Are Eligible The USDA has an online search tool that lets you find specific property addresses to see if they are in eligible areas.
â–ª How The Money Can Be Used With these USDA loans near Plano TX, there are a number of ways you are allowed by law to spend the funds you receive through the guaranteed loan program that include purchasing a new or existing home, paying closing costs, repairing or rehabilitating the home purchased, buying essential items for the home like wall-to-wall carpeting, appliances and HVAC equipment, the purchase and installation of energy-saving equipment, the purchase and installation of equipment to accommodate a member of the household with a physical disability and more.
â–ª Why The USDA Provides These Loans Providing affordable homeownership opportunities promotes prosperity and prosperity creates thriving communities and an improved quality of life in rural areas of Texas and the rest of the United States.
â–ª How To Get Started To get started by finding out if you qualify for the Single Family Housing Guaranteed Loan Program, call an expert in USDA loans near Plano TX, Summit Funding, at (972) 864-3530. Â You can also reach us online at www.thejbowenteam.com.
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