Are there any special programs for purchasing a home in rural areas?
Yes, there are several programs for purchasing a home in rural areas
USDA Guaranteed Loans: These loans are backed by the USDA and offered by USDA-approved lenders. They offer 100% financing for the purchase, build, rehabilitation, improvement or relocation of a primary residence in a rural area.
USDA Direct Loans: These loans are funded by the USDA and processed by your local Rural Development office. They are meant to help low- to very-low-income borrowers obtain an affordable mortgage when otherwise unable to secure financing for a safe and sanitary house.
USDA Repair and Rehabilitation Loans: These loans provide money to low-income homeowners so they can repair or improve their home by removing health, safety or sanitation hazards.
USDA Rural Housing Site Loans: These loans are available to private and public non-profit organizations to assist them in purchasing a site and developing housing for low- or median-income families in rural areas.
