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Rural Home Loans - No Money Down USDA Home Loans!
In today's tight mortgage market there is no many loan products were you can buy a home with no down payment. The good old days were anyone with a pulse could get a mortgage with no money down. But there is still one great program left that has 100% financing and that program is for rural home loans by United State Agriculture Department.
Although this type of home mortgage loan has been around for years but most people are aware of it. Mainly because it was though to be for farmers only, it was known as a "farmer loan". The USDA home loan program guidelines permits people to purchase a home with 100% financing at competitive interest rates, 30-year fixed rate mortgage, and mortgage insurance (MI). Does this sound too good to you to be true?
Yes, this great program does exist but it is not for everyone. There are some restrictions and guidelines both on household income and property eligibility. You household income can not exceed certain income limitations and the property has to be located in certain areas (mostly rural areas). These rural home loans are guaranteed by USDA and are not available in high population areas like big cites and towns. If you like in New York City then you are out of luck. But if you live in a city or town with population of less than 25,000 people then you may be able to find a home that is in an eligible area.
There are not a lot of "no down payment" programs that are left today. The FHA Home Loan Program requires 3.5% down payment. There is also a HUD Home $100 Down Payment Incentive Program that only has a $100 down payment, but you have to buy a HUD home foreclosed property in order to take advantgage of the HUD Home $100 Down Payment Program.
There are a lot of benefits to the USDA Rural Home Loans program besides the no money down feature. One is the closing costs can be rolled into the loan or you can ask the seller to may all of the closing costs including prepaid items such as property taxes and homeowner's insurance. This means it is truly no money out of your pocket type of mortgage loan.
In comparison with a conventional mortgage if you do not pay at least 20% down then you will have to pay mortgage insurance thus increasing your monthly mortgage payment. The rural home loans of USDA do not have this private mortgage insurance requirement. This is one of the best financing methods available if you are eligible.
The USDA Home Loans Program is even better than FHA mortgage loans. FHA home loan requires a 3.5% down payment and they have an upfront private mortgage insurance cost plus a monthly mortgage insurance (MI) charge. If you want to buy a home in an area that is eligible for this program and you are also within the income guidelines, this would at least made sense to check into this program.
So what do you do now? This article only provides a brief description of the USDA Rural Home Loans Program. You need to get more information to see if you qualified and if you live or the area you want to buy a home is in a property eligible area. This is a great way and may also be the only way you can buy your dream home!
About the Author
You can get more information by clicking Rural Home Loans and you can find out if you meet income guidelines and if you live in an eligible area by clicking USDA Home Loans!
In a libertarian world should I have a product safety testing equipment savings account?
In a libertarian Republican world we would be responsible for testing our kids toys for lead paint, inspect our food and drugs like the FDA and USDA. But why? Why can`t companies have the morals, ethics, and empathy not to make and sell dangerous products in the first place, are they human? What is wrong with our fading generations?
Well, first off you have to decide whether you are in a libertarian world or a republican world. In a libertarian republican world you can have a ball that is all red and all green at the same time.
In a libertarian world, why would you need to do all your own product testing? There are ALREADY companies that provide product testing services long before the product gets to the store shelves. The largest of these is Underwriter Laboratories. Compaines pay large sums to make their products good enough to earn the UL seal of approval. Then there is ANSI, whose only power is to say whether a version of a programming language is close enough to specifications to use the name of that language. They are so powerful that Microsoft was forced to release C# when their new version of C was too different to be called C++. Notice, though, that ANSI had no power to tell Microsoft they couldn't release their language, only that they could not call it C++. Also there is Snell which gives more stringent approvals than the DOT does with reguards to motorcycle helmets. It is a niche market but it is a valueable one and every single biker knows that a Snell helmet is better than one that merely has DOT approval. Also there is the Consumer Union which publishes Consumer Reports so that you can compare the quality of various products that are already above minimum government standards.
The second point of your question, no doubt, is the fear of having to rely on your own judgement. Yes, in a libertarian world, nobody will be holding your hand and telling you what is good and what is bad. That may seem like a contradiction to what I wrote about UL, but nobody is forced to comply with UL standards. They make a profit because people recignize their trustworthiness. It is possible for a product to come to market without UL approval. Also it is possible for you to buy a product that UL has not approved. Given two nearly identical products, one with UL approval and one without UL approval, which would you choose?
Of course you didn't expect that question to be turned on you. Your actual argument is "sure I'd know enough to chose the UL product, but the lumpen proletariat is not smart enough to do so." That means that you believe the general citizen is an idiot, while libertarians actually trust in the self interest of the average citizen. We think that because they do not want to hurt themselves they will take some precautions to prevent themselves from getting hurt, and thus will want a safer product.
Companies do try to go above and beyond, which is one of the many ways they try to get an edge over the competition. There was a farmer who tried to do stricter Mad Cow testing, so he could advertise "My beef is safter than government standards, their beef is only to government standards." Guess who told him that he couldn't. Yep, it was the USDA. He was forbiden from having the empathy not to make and sell dangerous products in the first place, forbidden by the very organization you deem necessary to keep his product safe.
Finally, for those products that slip through the cracks, there is product liability. Fraud and false advertising would both be frowned on by the courts in a libertarian world. If all else failed (which it sometimes does in our world as well so you cannot use "if all else failed" as an excuse to reject libertarianism) then you can take the manufacturer to court if you were led to believe you were buying one product and you got something else instead.
Now in a Republican world, things would be completely different.
Food Pyramid Replaced by MyPlate; USDA and First Lady Michelle Obama Unveil New Design