Since a rural development mortgage funds 100-percent of the appraised value of a home, a buyer doesn't have to have a down payment. Sounds pretty simple. There are several life-changing factors that could come with a mortgage loan like this. Think about what a zero-down payment mortgage would do for you!
We can't look at every positive effect this would have on you. However, we came up with list of 7! A rural development mortgage will change your world because it will:
- Save you money. With 100% financing, you can hang onto your savings account.
- Get you out of the city. Let's face it, city life is different from rural! Whether it's the constant traffic or the pollution, living in the city can give you a headache. Think of the RD loan as a pain reliever for your soul.
- Keep you from wasting money on rent. This mortgage program is great for first time home buyers.
- Mean you'll have a lawn to mow (probably). With a rural development mortgage, you'll more-than-likely end up with at least a little more land than a city dwelling!
- You can have pets! Get out of your Renters Nightmare where you can't have pets and get into a home where you can finally get a puppy AND a kitten! (seriously, click that link - it's too cute not to share!)
- Give you the option to avoid buying an old, lived-in house. Many first time home buyers have to buy a fixer-upper and work on things around the house. New construction is covered by the RD loan program.
- Get closer to Grandma. Hear us out, as this may take a minute to explain. You can use gifts on a rural development mortgage. Grandma's love giving gifts. Grandma would love to see you in a house. Ergo, Grandma will be happy to help you buy an RD home and be closer to you.*
Other mortgage loan programs can help get you into your first home. You can compare FHA to rural development with a fact-sheet at the button below.
*We don't know your Grandma, so this may or may not be true. Also, your Grandpa may want to help, too. But we don't know him, either. So good luck.
(hay bales: Flickr user Dan Moyle)