CHARLESTON, MO (KFVS) - Are you considering buying a home but still have a lot of questions?
The USDA Rural Development Direct or Guaranteed Loan Programs may be able to help.
According to the USDA, here are some answers to frequently asked questions on buying a home:
Q: “What if I think my income is too low?”
A: Having enough income to repay your loan is an important part of getting a loan; however, the Rural Development 502 Direct loan may be subsidized based on your total household income and size.
Q: “My income is too high for the Direct loan program. Can Rural Development still help?”
A: Yes. The Guaranteed Rural Housing Program is designed for moderate income applicants that obtain a loan through a participating lender. These loans are on a 30-year term at a fixed interest rate. No down payment is required.
Q: “Will you find out about other credit I’ve had?”