Written By: Karen Deis
My daughter has been in the mortgage business since (practically) birth. At age 4, she stuffed envelopes, applied labels and stamps. By the time she graduated from high school, she was creating closing booklets (See article about creating a closing booklet.) and entering information from the 1003 into my database.
When it came time to buy her own home a few months ago, her real estate agent recommended a Rural Development Guaranteed Housing mortgage. While I thought I’d done EVERY type of mortgage loan known to mankind (in my 28 years in the biz), this is one dealio that I knew nothing about.
Now, not every community qualifies. However, in doing some research in my own state of Wisconsin, there are 73 counties and 72 of them have communities that qualify. In fact, out of they 73 counties, there are 51 counties where the WHOLE county qualifies. Here’s the link to the map so you can check out your area.
If your area qualifies, then you REALLY need to get up to speed in offering this program. You can view an online seminar called Everything You Need to Know About Rural Housing Guaranteed Loans with Terrie Marker, USDA Loan Specialist. Ms. Marker reviews the all-important compensating factors that really make this program work.
Read this article with a list of advantages, compensating factors and a list of wholesale investors (from the Niche Report) who offer these loans. We also provide you with a link to receive automatic updates from Rural Housing whenever they happen.
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