Rural Development Financing is available from many lenders in our area, with rates and qualifying hoops that many people can jump through, but this does not work for homes in Billings Montana.
Not every home can qualify, and not every borrower can qualify, but the adjusted gross income limits are worth a serious look for many home buyers. This is not just for first time home buyers either! This program will allow you to buy as much home as you can afford in the country, or even in small towns with a few highlights to consider:
- No down payment
- No monthly mortgage insurance, so this won't be an addition to your monthly payment
- No cash reserves required (but I would have some anyway)
- Credit history doesn't have to be perfect, guidelines that fit situations other lending programs won't even consider, of course, you can't have terrible credit
- No limitation on source of closing costs, can be gifted, other down payment assistance funds might be allowed
- Repairs may be financed up to 100% of the appraised or "as improved" value, I find this really helpful for people who want to purchase a discounted home that needs some fixing!
We have some really nice homes in the rural communities that may work just right for this type of mortgage. If you want to know if the area you're thinking qualifies, or not, follow the link to the Rural Development website and check this out. Then call me and we'll see if we can find you a home!
Once you get to the site, just click Property Eligibility and then Single Family, accept the info and you'll be directed to a place you can enter the zip code of the area you're interested in.
The Quilting Realtor
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Many Dream Of Living In Montana I'm One of the Lucky One's That Already Do! Wanda Thomas Call or Text 406-698-8640 for help with all things Montana.
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Wanda - that's a great piece of info, especially for many of the areas that you and I work in. Thanks for posting, I hope all is well in Billings.
Jason
I second what Jason said. That is great information for buyers looking in rural areas there. Sounds like a good program to help energize the market there. How have you seen it working, Wanda?
Btw, I love your new profile picture! Great haircut!
Thanks for the haircut compliment Nina, thank goodness for my hair stylist! Our rural market is not what I would call energized, but this program does make things happen in our rural areas where the activity is just smaller by numbers anyway. I think one of the best things about this program is that people can get some help with repairs to fix up a property that needs it, makes for a nice home in the country.