The U.S. Department of Agriculture’s Rural Development Program helps make home ownership dreams a reality for many that might otherwise believe this dream is out of reach. This special loan program enables borrowers to purchase a home with no money down. You can even roll some of the closing costs into the loan, making home ownership that much easier. To be eligible, you must meet the income limitations and the property must be located in an eligible Rural Housing Zone.
The USDA defines a “rural” area as being any area other than a city or town that has population greater than 50,000. Since pretty much all of Southern Illinois fits into this definition, it is very likely that any home you choose in our region would qualify. Income limitations are based upon the number of people in your household and your county.
Before you decide to take the plunge and buy a home, consider these questions first:
Considering price, can I handle monthly mortgage payments?
Will paying utilities such as gas, electric and phone bills fit within my budget?
What will closing costs be, and do I have the money to pay the fees for closing, appraisal and inspection.?
After making the down payment, is there money left for new furniture or moving costs?
Through careful planning and number crunching, you can easily determine whether or not you can safely afford to purchase a home. From here, you go into the process of securing a loan.
Give Dave Thompson Realty a call today to speak with an experienced Realtor who can help you get started on your path to home ownership today!