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Rural Housing Loans

Although nearly all banks and mortgage companies have stopped taking applications for Rural Housing loans, not all have.  I am still able to accept applications and I am still funding USDA Rural Development loans.  Roughly $20 billion per year has been earmarked for this highly successful loan program.  The most recent proposal, H.R. 5017 put forth by Congressman Paul E. Kanjorski (D-PA), Chairman of the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises has unanimously passed the House Financial Services Committee.  This legislation will correct the Section 502 Single Family Housing Guaranteed Loan Program funding shortfall by enabling the program to pay for itself, rather than relying on federal funding.

So, in addition to the remaining funds in the section 502 fund, it appears that there will be a solution forthcoming to allow for uninterrupted loan funding.

UPDATE

I can originate and fund your Rural Housing loans now.

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Categories: Real Estate Finance
  1. Laura
    July 8, 2010 at 7:51 pm

    Sounds great. Is this for farms? What constitutes as ‘rural’? A friend of mine is trying to do a rural loan and having a hard time.

    • July 8, 2010 at 9:00 pm

      There are income and location restrictions for this type of a loan. The first step would be to ensure that the property is eligible, then I would work through the qualification of your friend by reviewing income, assets, liabilities, etc. Here is a link to the USDA Rural Development site http://bit.ly/15ItvF. Feel free to have your friend contact me and I will be happy to work with them to put the financing in place.

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