what is a rural develop loan?
July 3rd, 2009 ~ Posted in: bank repo homesok good news is ive been accepted for a rural development loan. next news is my offer for 30,o00 on a 90,000 house a bank repo got accepted!! where there are no jobs. many lakes and
in the woods. in nice private location nice and private nothing here!
very nice home.
resale value at least at 50,000 painted up and loved.
But i need a home Im disabled!
what is a rural develop loan?
did i hit the jackpot today?
I have things to do now.
inspector etc!
You pretty much did hit the jackpot. Congratulations.
A rural development loan is a government sponsored program that lets you purchase a home and the government insures it for the bank. It’s similar to an FHA mortgage, but it’s a bit cheaper and can only be used for a purchase. The rates and terms are pretty competitive with the better mortgages out there. It sounds like you also got a real deal on the home. Since it sounds like you plan on living there for a while it probably doesn’t matter that it sounds like a resale in that market would take quite a while.
One Response to “what is a rural develop loan?”
October 2nd, 2007 at 3:22 pm
You pretty much did hit the jackpot. Congratulations.
A rural development loan is a government sponsored program that lets you purchase a home and the government insures it for the bank. It’s similar to an FHA mortgage, but it’s a bit cheaper and can only be used for a purchase. The rates and terms are pretty competitive with the better mortgages out there. It sounds like you also got a real deal on the home. Since it sounds like you plan on living there for a while it probably doesn’t matter that it sounds like a resale in that market would take quite a while.
References :
mortgage broker
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