USDA Rural Development in Minnesota: Don't Get Left Out in the Cold
Are you where you want to be in your life, in your career, in your own home? Did you picture you and your family renting or living with your parents after you graduated college? Do you have a short-term goal of being a homeowner? It is possible to be in your own home in the next six months. Now is the time to invest in real estate in Minnesota and the USDA Rural Development mortgage can help you get moved in. This government assisted loan program can give you a change of address that you own not rent or share with your parents! An excellent homeowner opportunity, this mortgage option is often overlooked because buyers assume the word rural means it is a "farm" mortgage. Good news for you, lucky home buyer, it's not a farm mortgage.
Who should apply for a USDA Rural Development loan?
Home buyers with solid credit that is willing to look for a house in a specific geographic location should apply. Many buyers struggle to come up with a down payment which is not required to qualify for this mortgage. You can actually receive up to 102% of the appraised value of the home you want to buy. You can use the extra 2% for minor repairs or improvements. You may receive reduced or no closing cost because the seller can contribute an unlimited amount of money towards your loan closing fees. Please don't get left out in the cold with this amazing loan option waiting for you.
You may be questioning why you should buy a home vs. rent a house?
Renting or living with your parents is an excellent temporary housing solution but buying a home is the American dream for more reasons than just a white picket fence and a dog. A house payment often saves you money each month by being less than your rent payment. It's hard to believe but it happens many times for first-time home owners. Families find that owning is the same cost or cheaper than renting when everything is combined and reviewed. Ownership is an investment, renting is a recurring expense.
Renting does not give you any tax breaks possibly taking more money out of your pocket every paycheck. Home ownership adds to your itemized tax deductions decreasing your annual tax burden. Also, a house bought in today's market, usually under-valued, will give you instant equity and increase your net worth. Take advantage of a slow housing market by investing in your families future today. Buying a house also has unseen benefits like boosting self confidence by meeting a life goal. and not to mention owning a lawnmower just feels better when you are mowing your own yard!
Were you affected by the slowed economy in Minnesota and think you can't qualify for a loan due to your income? The USDA Rural Development Direct Home Loans are usually disbursed to buyers whose family income falls into a category lower than the median income for the area in which they want to live. These mortgages are designed to get you into a home whether it is move-in ready or you desire to build a new construction. The house you choose to buy must meet the USDA criteria for loan eligibility by being USDA certified. These homes are usually outside of metropolitan areas with populations less than 20,000 residents. This doesn't mean you have to live in Farmville, just outside the city limits please.
The application process is online and easy. You can check the eligibility of the county you live in now. If your county qualifies, you may have been driving past your new home at the end of the block for months. Income limits are listed online according to the type of loan you desire and you can conveniently estimate the amount of your monthly house payment for comparison to your current rent payment. Incentives are bundled with the loan including no deposit down, no loan limit, no mortgage insurance, and no collateral required. Additional incentives may be available.
Cold weather is coming quickly. Go on, locate yourself a new house and then apply for a USDA Rural Development mortgage. You'll be satisfied with the hassle-free approach when you get approved and complete your loan signing before winter sets in. Most loans take between 2 weeks and 30 days to process. Please note: State USDA approval is required. The only reason you'll want to get out in the cold is to take a family photo for your Holiday postcard this year. You'll want to show off your new house and landscaping skills. Don't forget to add a caption to the card that says "Home Sweet Home" or you might like "From our House to Yours". You'll probably look like the Cheshire cat you'll be cheesing so big!
Learn about your other home buying options with "The Only Mortgage Loan Options Guide You Need" at the button below. The free eBook covers USDA rural development and several other choices available to today's home buyer.
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