Many people dream of the quiet life. The average American lifestyle is fast-paced, high-stress, and there is always something that needs to be done right now. Sometimes, life in the country is just so much more preferable. Living in rural communities is slower and lets you focus on the things that really matter – your family, your health, and things that make you happy.
People who are interested in living in the country actually can do so if they really wanted. If you want to get away from all the hustle and bustle of the city, you can choose to apply for a rural housing loan. According to Primary Residential Mortgage, Inc., a mortgage company in Utah, the Rural Housing Loan is a program of the United States of Agriculture (USDA). It is one of the best ways to get a little piece of the countryside all to yourself.
A Look into the Rural Housing Loan
Surprisingly, not a lot of people have heard of the Rural Housing Loan. For those of you who are new to it, it is a partially subsidized loan that will allow people to take up residences in select rural areas. The USDA introduced it to encourage people to develop rural communities and to live comfortably.
It generally has no money down and has competitive rates with other loans. You can pay a fixed rate for the next 30 years, and do not have to worry about mortgage insurance.
Are you Eligible for it?
Naturally, not everyone is eligible for a rural housing loan, but there are a large number of people who are. First of all, you need to get property in an area that falls under the “rural” category as set by the USDA. They have a map available that will allow you to check if your property is eligible for the program.
You must also be legally allowed to take up residence within the United States – You must either be a U.S. citizen, a U.S. non-citizen national, or a Qualified Alien. You must also maintain a certain amount of income, while not going over the maximum – if you make more than 115% of your area’s median income, you will be disqualified from the loan.
Otherwise, the Rural Housing Loan is a very feasible option for anyone who wants to have a quiet life in the country.