St. Louis, Missouri (April 13th, 2018)- What is a Missouri USDA Rural Development Home Loan? The USDA loan is designed by the United States Department of Agriculture (USDA) to promote farming by offering benefits to those that meet the guidelines. While this loan type has some difficult requirements to meet, it has the most rewarding benefits as well.
Some of the requirements of this loan are that the property has to be a primary home located in a USDA-eligible rural area. Maintaining a certain income cap and having 115% of the median income for the area is also required. This should not be difficult because the intent of these loans is that you are purchasing the property to become a farmer of some sort.
Now, the best part, the advantages you get to receive once accepted. You get 100% financing, and there is no down payment needed, allowing even your closing costs and any additional fees to be rolled into your monthly mortgage payments. Another advantage is the low monthly private mortgage insurance or the PMI. Last, there are fixed rates on both 15 and 30-year loans, allowing for your rates to never increase over the course of your loan.
The USDA loan provided by Liberty Lending Consultants St. Louis mortgage companies can help someone start a new chapter in their life. They are available to assist with any questions regarding the USDA Rural Development Home Loan or the home buying process in general.