Brooklynites Looking To Buy Real Estate In Rural Upstate New York Should Research USDA Home Loans

 

What is a USDA home loan?

A USDA loan is a government insured purchase loan that is offered only in rural areas.  Under the terms of the program a person may borrow up to 100% of the appraised value of the home; which eliminates the need for a downpayment.  In other words this loan requires no downpayment.

USDA loans are not only for farmers.  Anyone looking to purchase a home in a rural area outside of a major metropolitian area may qualify for a USDA loan.

What does the USDA consider rural?

Rural areas , are open country and places with a population of 10,000 or less people.

What is the maximum loan amount?

There is no set maximum loan amont; however your debt-to-income ratios will determine how much you can quality for and your total household Income will be taken into  consideration.

You can also finance closing cost into the loan.

* note: effective October 1st 2011, USDA loans will start charging a monthly MIP(mortgage insurance) fee.

Remember that USDA loans are area specific, so if you are a Brooklynite looking to buy real estate in an  upstate   New York county rural area  or any rural area in the country, this maybe an ideal loan option for you.

Since interest rate are low now maybe the time to buy that rural home that you always wanted. 

Speak to your lender regarding this option, do your research , or contact a lender who  specializes  in this type of loan.

When you are ready to buy or sell real estate in Brooklyn , feel free to contact me at 917-861-9166.

Michele Cadogan

Fillmore Real Estate

Licensed Real Estate Associate Broker

www.brooklynhomesbymichele.com

About Cadogan's Brooklyn Real Estate Blog

Michele Cadogan is a Brooklyn NY real estate professional . She makes the process of buying, renting and selling real estate in Brooklyn a good experience. A long time Flatbush Brooklyn resident, she has a tremendous appreciation of the borough, its great history and its diverse communities. With a degree in Political Science and Economics she brings a balance perspective to the your real estate experience. Truly a professional in a people oriented business. When looking for a real estate agent in Brooklyn to help you buy or sell a home in Brooklyn , call Michele. Michele Cadogan Fillmore Real Estate Licensed Real Estate Associate Broker 917-861-9166 Your Brooklyn Real Estate Professional
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