What do you think of when you think about the United States Department of Agriculture, aka the USDA? Back in 1991, the United States Government decided to make home ownership more widely available to areas of the country outside of the major metropolitan areas. They did this by launching the USDA Single Family Housing Guaranteed Mortgage program. Through the program, the USDA provides loan guarantees to lenders in case a borrower defaults.
This reduces risk and liability to lenders. Must be a single-family residence, an approved condominium (by Fannie Mae, Freddie Mac, HUD or VA) or a PUD (Planned Unit Development) - a townhome;. The value of the site should not exceed 30% of the total value of the property (exceptions may apply if excessive land value is customary as evidenced by the appraisal).
The property must be in "marketable" condition at the time of closing, meaning it can be sold in its current condition if necessary. The bottom line: The property must be a primary residence and either a single family home, approved condo, or a PUD/townhome.
This reduces risk and liability to lenders. Must be a single-family residence, an approved condominium (by Fannie Mae, Freddie Mac, HUD or VA) or a PUD (Planned Unit Development) - a townhome;. The value of the site should not exceed 30% of the total value of the property (exceptions may apply if excessive land value is customary as evidenced by the appraisal).
The property must be in "marketable" condition at the time of closing, meaning it can be sold in its current condition if necessary. The bottom line: The property must be a primary residence and either a single family home, approved condo, or a PUD/townhome.
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