As one type of loan geared toward both rural and suburban properties, USDA mortgages have been a financing option for many homeowners. Over the past decade, more and more individuals have used USDA loans to purchase homes and, in response, the government organization announced National Homeownership Month with a press release in early June.
On June 2, the USDA’s celebration began with various events across the nation, all geared toward their efforts to expand homeownership opportunities and offer affordable housing. Additionally, these events further recognize those who have assisted the USDA in improving homeownership, including lenders, home builders, realtors, community organizations, various nonprofits and housing finance authorities. Curious if an event is scheduled near you? Check with your local Rural Development State Office for more information.
During President Obama’s two terms, the USDA assisted over one million families and individuals in the home buying process. USDA mortgages, sometimes called Rural Loans, include multiple financing options. In regards to purchasing, the most popular is the Guaranteed Loan program, which has no down payment on a 30-year term and offers a fixed interest rate. Geared toward low- and moderate-income individuals interested in purchasing property outside of urban areas, these loans give lenders a 90-percent guarantee, should the buyer default.
However, USDA loans aren’t only for purchasing a home. The government organization’s range of programs further encompasses grants and loans for home improvements, making accessibility upgrades and removing health and safety hazards.
Since 2009, the USDA has invested about $137 billion toward its programs, with $19.5 billion of this total assisting 148,500 families purchase property or make repairs.
For those house hunting in Central Connecticut’s suburbs, a USDA loan could be a financing option if your property meets certain guidelines and falls within specific price limits. As you look at custom-built homes through By Carrier, further consider all of your mortgage options. However, if you’re still in the early stages of homeownership, contact our team to start exploring our many communities.