Rural Development Financing

I thought I would take a moment to talk about a very unique and great lending program especially for the mid-west. USDA or "Rural Development" financing has been a growing trend throughout the lending community, why? Because of it's unique features and geographical friendliness. First, let me say that this loan program offers loan-to-values of up to 102% of the appraised value with awesome rates and no PMI (private mortgage insurance). Another unique feature surrounding this program is the ability to build in needed repairs. For instance, should the property need a new roof, siding, gutters, carpet, or furnace etc. you can build these costs into the loan and have these items fixed after closing. Fannie Mae and Freddie Mac currently do not offer this type of flexibility on there core products. The only negativity I see in this program is that it is "rural" specific, meaning homes within city limits or not in "development" areas do not qualify for USDA financing. However, areas like (for those of you familiar with Central Missouri) Fulton, Ashland, Boonville, Mexico, Auxvasse, Marshall etc. are excellent candidates to take advantage of such a great program both for the borrower and community.

In fact Missouri's USDA Rural Development State Office is located in Columbia, Missouri at 601 Business Loop 70 West Parkade Center Ste. 235. This is logistically an advantage for lenders and clients in Mid-Missouri because one; the USDA obviously sees the benefits and shear numbers of rural areas located around Columbia and two; it's right at our back door. My dealings with the USDA have been very pleasant as they have always helped both myself and my clients needs. The best factor about this program is that there is little to no "red tape" in order to qualify or reserve these funds.

Should you have any questions about this program please visit the USDA website at www.usda.gov or contact Profesional Mortgage Group at www.pmg-inc.net!

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