What is rural mortgage?
A rural mortgage most commonly the USDA home loan program is designed specifically for the low income families who are planning to buy a home in the rural areas.
These loans have gained immense popularity as the traditional loans have beefed up their eligibility guidelines.
The advantages of these rural mortgage plans include:
- No down payment required – This is bone of the only program that allows 100% financing
- No PMI required – Unlike traditional loan programs USDA does not require PMI, even if you finance 100% of the purchase price
- Low interest rates – Typically the interest rates of these loans are not higher than 0.5%
What to look for in a Rural Mortgage Lender
For a newbie the decision of going for mortgage can be a confusing as well as time-consuming task. This is why it is extremely important that you take care while choosing your lender. A good mortgage lender will not only give you the best rates but will also ensure that the whole process is a seamless as possible. The tips given below can make the whole process of finding a lender much easier:
- Do your homework online – Online you can find the reviews for home lenders with just a few clicks.
- Take advice and suggestions of family and friends – Conducting a quick survey amongst your friend and family can help you find the best option
- Take note of how your enquiry was taken initially – How quickly the lender has provided you information as well as answered the questions you were asking can go a long way helping you make your choice
Contact a Rural Mortgage Lender Today
If you are looking for a lender who you can trust than email us or speak with one of our rural mortgage experts today at 877-342-7449.