Buying and moving into a new home is one of life’s great experiences, especially if you’re buying your first home. From getting that pre-approval to the “yes!” response on an offer to closing and moving in, every step is exciting. And while the process is engaging and fun, it’s important to prepare for moving day […]
What loans are available for purchasing rural properties?
Many people dream of rural life, and for those who actively seek it, finding the right loan to purchase rural property may be a challenging place to start. Purchasing rural property can be different from purchasing in an urban area, so you must know what type of property you plan on buying.
Having the correct type of loan will get you on the right track to finding the rural land of your dreams. Whether you’re maintaining a rural property or in the market to purchase, grants and loans are available to you.
Rural development assistance helps keep rural homes safe and healthy
The USDA is a great resource to help you find rural development assistance. Not only do they provide loans with 100% financing, they support programs to provide low-and moderate-income households with safe, sanitary dwellings.
USDA programs for single-family homes at SmartMortgage include Single-Family Housing Guaranteed Loan Program. To be eligible for this program, applicants must:
- Meet income-eligibility
- Agree to personally occupy the dwelling as their primary residence
- Be a U.S. Citizen or Qualified Alien
Research local loan and assistance programs
As with any loan, you’ll want to research your options and what loans and financing is available to you in your area. We offer the MDHC First Place and Next step that can be paired with a USDA loan. To check your property eligibility, the USDA has an interactive map that can help. Simply add your address and click Search.
Talk to a local expert for more information
When looking for rural properties, you should find a real estate agent that knows the area and is experienced in selling this type of land. They will know what to look for and be able to narrow down your desired property type.
When it comes to finding the best loan or grant to purchase the rural property of your dreams, no one can help better than your local lender at SmartMortgage. A division of Guild Mortgage, SmartMortgage has knowledgeable and experienced agents that will work with you to find you the best rural loan or grant for your needs. We retain servicing on these loans, which means it will not be sold to another company.