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YOUTUBE youtube
BLOG blog

Rural Development Loan

 With a Rural Development Loan you can finance up to 100% of the homes value. In many cases this is the same as the purchase price but not always. There are times where the home actually appraises for more and in these cases you can finance in some of your closing costs. There are several other great features of the Rural Development Loan.

 

Another feature of this loan type is that the monthly mortgage insurance is much lower than other loan types with mortgage insurance. For example on a $100,0000 loan you are only going to pay approximately $25 per month. This is much lower than FHA and Conventional loans. This could save the borrower thousands of dollars over the life of the loan

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There is a misconception that you have to be a First Time Home Buyer to qualify for aRural Loan. This is not true. Anyone can take advantage of the Rural Development Loan. There are restrictions that apply for those who own other properties.

 

The Rural Development Loan does not have a minimum amount of reserves that a borrower needs in their account. The only requirement is in regards to any closing costs that are not paid by the seller, gift funds, or  rolled into the loan. The borrower must show that they have the funds to cover these.

Borrowers are even allowed to have gift funds. A good example of this would be when the seller is not paying all closings costs the borrwer could get a gift from someone to cover the difference.

As you can see the Rural Development Loan is one of if not the best loan type available in todays market. Our staff has a great amount of experience working with borrowers who need a Rural Development Loan. Please feel free to call us or fill out the form below to get more information.

 With a Rural Development Loan you can finance up to 100% of the homes value. In many cases this is the same as the purchase price but not always. There are times where the home actually appraises for more and in these cases you can finance in some of your closing costs. There are several other great features of the Rural Development Loan.

 

Another feature of this loan type is that the monthly mortgage insurance is much lower than other loan types with mortgage insurance. For example on a $100,0000 loan you are only going to pay approximately $25 per month. This is much lower than FHA and Conventional loans. This could save the borrower thousands of dollars over the life of the loan

.

There is a misconception that you have to be a First Time Home Buyer to qualify for aRural Loan. This is not true. Anyone can take advantage of the Rural Development Loan. There are restrictions that apply for those who own other properties.

 

The Rural Development Loan does not have a minimum amount of reserves that a borrower needs in their account. The only requirement is in regards to any closing costs that are not paid by the seller, gift funds, or  rolled into the loan. The borrower must show that they have the funds to cover these.

Borrowers are even allowed to have gift funds. A good example of this would be when the seller is not paying all closings costs the borrwer could get a gift from someone to cover the difference.

As you can see the Rural Development Loan is one of if not the best loan type available in todays market. Our staff has a great amount of experience working with borrowers who need a Rural Development Loan. Please feel free to call us or fill out the form below to get more information.

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Free Pre-Approval

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Yes we are local. Often times when you find a lender on the internet they are working from a call center in another state. We are right here in Arkansas. You can rest assured that when dealing with us we are going to treat you like you are one of our neighbors because you are. We look foward to helping you with your home loan.

If you have questions or if you are ready to get your no obligation FREE pre-approval just call us at 501-225-5626 or fill out the form at the top of the page. We are here and ready to help you with you home loan needs.

 

Yes we are local. Often times when you find a lender on the internet they are working from a call center in another state. We are right here in Arkansas. You can rest assured that when dealing with us we are going to treat you like you are one of our neighbors because you are. We look foward to helping you with your home loan.

If you have questions or if you are ready to get your no obligation FREE pre-approval just call us at 501-225-5626 or fill out the form at the top of the page. We are here and ready to help you with you home loan needs.

 

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PRMI NMLS No. 3094. Branch NMLS 1161933. PRMI is an Equal Housing Lender. Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification. This office is licensed and examined by the Office of Consumer Credit Commissioner of the State of Texas. Alabama Banking Department Bureau of Banking MC 20316. Arkansas Securities Department 11558. Florida Office of Financial Regulation MLD646. Department of Banking and Finance 6521. Office of Financial Institutions #771. Missouri Division of Finance. Mississippi Department of Banking and Consumer Finance, 3094. Oklahoma Department of Consumer Credit ML010027. Department of Financial Institutions 109282. Your opinion is greatly appreciated, we thank you for visiting this website or Primary Residential Mortgage, Inc. If you have specific questions, comments, concerns or complaints we invite you to contact us by the email shown here: ConsumerVoice@primeres.com. Emails received during business hours, should receive a response within 48 hours, excluding weekends or holidays. Primary Residential Mortgage, Inc. is licensed under the laws of the State of Texas and by state law is subject to regulatory oversight by the Texas Department of Banking. Any consumer wishing to file a complaint against Primary Residential Mortgage, Inc. should contact the Texas Department of Banking through one of the means indicated below: In Person or U.S. Mail: 2601 North Lamar Boulevard, Suite 300, Austin, Texas 78705-4294, Telephone No.: (877) 276-5554, Fax No.: (512) 475-1313, email [E-mail]: consumer.complaints@dob.texas.gov, Website: www.dob.texas.gov."
PRMI NMLS No. 3094. Branch NMLS 1161933. PRMI is an Equal Housing Lender. Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification. This office is licensed and examined by the Office of Consumer Credit Commissioner of the State of Texas. Alabama Banking Department Bureau of Banking MC 20316. Arkansas Securities Department 11558. Florida Office of Financial Regulation MLD646. Department of Banking and Finance 6521. Office of Financial Institutions #771. Missouri Division of Finance. Mississippi Department of Banking and Consumer Finance, 3094. Oklahoma Department of Consumer Credit ML010027. Department of Financial Institutions 109282. Your opinion is greatly appreciated, we thank you for visiting this website or Primary Residential Mortgage, Inc. If you have specific questions, comments, concerns or complaints we invite you to contact us by the email shown here: ConsumerVoice@primeres.com. Emails received during business hours, should receive a response within 48 hours, excluding weekends or holidays. Primary Residential Mortgage, Inc. is licensed under the laws of the State of Texas and by state law is subject to regulatory oversight by the Texas Department of Banking. Any consumer wishing to file a complaint against Primary Residential Mortgage, Inc. should contact the Texas Department of Banking through one of the means indicated below: In Person or U.S. Mail: 2601 North Lamar Boulevard, Suite 300, Austin, Texas 78705-4294, Telephone No.: (877) 276-5554, Fax No.: (512) 475-1313, email [E-mail]: consumer.complaints@dob.texas.gov, Website: www.dob.texas.gov."