USDA Home Loans an option for many
Wednesday, July 14th, 2010For our customers remodeling their home in order to move to a new city or state, take notice of the USDA’s Home Loan program if you are moving to a small town and not a big city.
The USDA Home loan program was created in 1991 as a way to boost homeownership in rural areas and has been relatively little used over the years until recently. Tightening lending standards and increased loan application scrutiny has forced homeowners and their real estate agents to dig deeper to find money for property purchases.
The USDA Home Loan program may be a viable option for those who meet the criteria of the program. To qualify for a USDA backed loan, borrowers must be living in or moving to towns of about 25,000 or less people, they must have an income that does not exceed the moderate income limit established for the area, and they must be a US citizen.
The program in the past two years has been “rediscovered” by many in the real estate and home building community and has become one of the primary tools sales agents are now using in communities that qualify.
If you are looking for a home in a smaller town or community that you feel may qualify, find a lender in your area on the USDA Home Loan website and call to learn more about any specific requirements in your area.





