Conventional mortgage | Mortgage broker | Mortgage plan

Are You Hoping to Find a Way to Buy Your First Home?

August 16, 2017


Mortgage plan

There is no guarantee, but after next Monday an increased number of people may be interested in the rural areas of the country where Rural Development USDA Loans are available. Next week, on August 21, the totality line of the solar eclipse will cross desolate parts of the country. Perhaps as Americans find their best location spots, some of the people who are eligible for Rural Development USDA Loans will see the charm of the parts of the country that are normally not often visited.
The first time home buyer, as well as anyone that is below the poverty line can get very favorable loan rates for underdeveloped and underpopulated properties in rural areas. With loan rates that can drop as low as 1% when the subsidies kick in, a Rural Development USDA Loan can be the avenue to finding a permanent home.
Many Home Loans Are Limited to a Narrow Group of Borrowers

Regular mortgage brokers who offer traditional mortgage planning options are not available to everyone. The fact that other plans are available, though, means that there is still a bridge to home ownership for many people who otherwise could not even think about buying a house. In the case of a Rural Development USDA Loan, for instance, even people who are far below the poverty line can find a property if they are willing to locate to an underpopulated part of the country. Consider some of these statistics about the other kinds of loans that are available to select groups of individuals:

look back on their home purchase and wish they had understood the details and terms of their mortgage better.

  • 31% of millennials looking to buy a home have a plan to achieve their goal within two years.
  • $186,000 was the average sale price for a home in the U.S. as of MArch 2016.
  • 32% of the people who are looking to buy a new home are first time home buyers.
  • 92% of all buyers used a fixed rate mortgage in 2016, according to a report by the 2017 NAR Home Buyer and Seller Generational Trends.
  • 24% of buyers reported using an FHA loan, according to a report by the 2017 NAR Home Buyer and Seller Generational Trends.
  • 14% of buyers in the year 2016 financed 100% of their entire purchase with a mortgage.
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