Today’s Housing Market
With its pivot to remote work and historically low interest rates, the COVID-19 pandemic generated an exodus of people from urban areas to suburbia and rural regions. Anxious buyers quickly snapped up real estate, leaving high demand and little-to-no supply. The resulting steep home prices contributed to an affordability crisis for much of the country and particularly, those in rural areas.
With inflation now at a 40-year high, the Federal Reserve has implemented a series of interest rate hikes — three so far and four more on the horizon — to battle inflation and curb demand in the red-hot housing sector. Those who waited to buy property now face a higher cost of entry with higher interest rates driving increases in monthly mortgage payments. However, along with the rising rates, there are signs that the housing market is beginning to cool, with most economists predicting a normalization in the months ahead.
USDA Loans for Rural Dwellers and Farmers
Living in a rural area, you know cost can be a barrier to entry when it comes to owning property. However, there are special USDA programs that provide clear paths to rural homeownership, helping to create thriving communities for future generations.
These guaranteed USDA loans are available through Farm Bureau Mortgage for qualified borrowers purchasing property in rural areas or small towns. With the Single-Family Housing Guaranteed Loan Program, loans are available with low interest rates and down payments as low as 0%. Available to those with a low- to moderate- household income looking for a new primary residence, applicants are able to purchase, build, rehabilitate, improve or relocate a dwelling within a qualifying area with 100% financing.
Other benefits to the USDA Single-Family Housing Guaranteed Loan Program include:
- More cash available upfront – lending fees and closing costs are rolled into the loan, so you have more money when it matters most
- Concessions can be used – if you receive a gift fund or qualify for a grant, the funds can be put toward the loan
"USDA encourages approved lenders to partner with low- and moderate-income families in eligible rural areas to make homeownership a reality. This in turn promotes prosperity, creates thriving communities and improves rural quality of life,” said Farm Bureau Mortgage President Dominick Deorio.
To find out if you live in an eligible rural area, visit USDA’s eligibility site.
This article was provided to the American Farm Bureau Federation by Farm Bureau Mortgage.
The Link LonkJuly 13, 2022 at 03:38AM
https://www.fb.org/news/farm-bureau-mortgage-offers-members-usda-home-loans-for-as-little-as-0-down
Farm Bureau Mortgage Offers Members USDA Home Loans for a Little as 0% Down - Farm Bureau News
https://news.google.com/search?q=little&hl=en-US&gl=US&ceid=US:en
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