Rural or Suburban Living: Which is Right for You?

Are you thinking of purchasing a home?  With so much to consider these days, making the choice of purchasing a home in an urban, a suburban or a rural area may seem overwhelming.  Our lives today are fast paced and we are constantly on the move.  Due to this high pace, it can be easy to get overwhelmed.   At the end of the day when we get a little quieter, though, often we contemplate on the type of life we would like to have and reflect on our true value system.  We focus on our family and loved ones, our friends, our health, and the importance of having a peaceful sanctuary with room to breathe and relax.

Rural and suburban homes have become a respite from cramped city living for many families in recent years.   Urban areas have been hit hard with an all-time high in crime, a deteriorating infrastructure, financially strapped school systems, and jobs sprawling further outward from traditional city centers.   For countless families, suburban living has been a logical solution, providing safe communities with many choices for practical, affordable homes.  With short commutes, an overwhelming sense of community and healthy support for community services and school programs, life in the suburbs can be relaxing and ideal for raising a family.

A safe, clean, and affordable lifestyle is also available in areas beyond the suburbs.  Rural living offer low levels of traffic and transient noise, low levels of pollution, and the charm of privately owned stores and shops.  If you crave wide open space, and relish traveling the country mile, rural living may be for you.  Land costs are often much lower in rural areas too.   Home buyers are able to enjoy room for gardening or harvesting and simply enjoying the beauty of nature.  Home prices and property taxes are lower in rural areas which in turn offer a wider variety of homes from which buyers can choose.

Both suburban and rural areas can qualify for USDA 100% Loans, also known as Rural Development Loans.  This is advantageous in that the owner does not have to provide a down payment.  Call the USDA Loan Agency at 1-866-854-4242 to learn more about USDA 100% Loans, as well as specific benefits and savings that you may able to receive by purchasing your next home.

Three Vital Aspects About Rural Towns

It is vital to comprehend the basics of country towns if you intend to get a Rural Development loan. Most folks believe they would need to move to the middle of nowhere or have livestock as neighbors to qualify for those aid programs. That is not true.

Folks who want to get Rural Development loans often believe that they must move to a desolate location to do so. When many humans envision a country spot, they think about a single home in the central hill of a mountain range. You may think that the only way you can get federal money is to live in desolation.

Certain people envision a country home as a shack in the middle of a corn field. Folks may think they can only get Rural Development loans if they want to live near farms. You do not need to have livestock as neighbors while dwelling in an approved home.

The only federal guideline for a country residence is that the town it is in must contain less than 20,000 inhabitants. They do not need to live far apart. You can look up a list of the counties in which you might dwell on the Internet.

It is essential to understand the fundamentals of rural places if you want to relocate to one with the assistance of one of several Rural Development loans. Most individuals think they would be required to  move to a sparsely populated space or have cows for neighbors to qualify for those help contracts. That is not the case.

Are you eligible for a Rural Development loan?

Apply for a USDA home loan now

3 Easy Steps To Fixing Your Credit For Rural Development Loans

Many individuals are learning about how to get Rural Development loans. Many potential buyers who have good incomes and discover qualifying properties often get turned down for funding. If you have had that problem due to a low credit score, you can fix it with three techniques.

You might know that you do not need to want to live in the country to qualify for a Rural Development loan. A buyer may also understand that he does not need to live below the poverty line to get federal funding. For many individuals, their low credit scores are their only barriers to owning a structure.

Before the government will give you money for a home, you need to show it that you can be responsible for repaying those funds. The best way to do that is to improve your credit score. The first step of that task is to research your financial data to see where your problems are.

Once you know why your credit is less than perfect, you can work to fix it. The first step you should take is to settle any faulty or overdue charges. You must also pay off as much credit card debt as you can.

Lots of people are discovering how to get Rural Development loans. Many possible buyers who have ideal incomes and find good homes do not get accepted into one of those programs. If you have been in that situation because of your financial health, there are three movements you can perform to fix it.

Are you eligible for a Rural Development loan?

Apply for a USDA home loan now

Entrepreneurs Can Excel With Rural Development Loans

If you have ever wanted to start your own business, you might have been held back by not having adequate space from which to work. Apartment dwellers with low paying jobs might be desperate to own country homes where they can begin new financial lives. You can realize that dream with a Rural Development loan.

It can be hard to start a business in an apartment.  It is difficult to store products or provide services to clients when you are working out of a small space. You might long to have enough room to operate your company.

When you live in an apartment and have a low paying position, you may wonder if you will ever be able to buy a house. Individuals who have the skills they need to work well for themselves might dream of owning a country home in which to be productive. They might be able to get help from the government.

Federal mortgages are often granted to individuals who have stable financial lives. If you want to buy your own home in a city with relatively few occupants, you can qualify for a Rural Development loan. This kind of contract allows you to purchase a property without having to worry about affording a down payment.

Folks who desire to run their own companies can get help from the government. You can begin your business in a rural home without the need for a down payment. A Rural Development loan can help you obtain a structure.

Are you eligible for a Rural Development loan?

Apply for a USDA home loan now

ROTFLOAO (Rolling On The Floor Laughing Our Assets Off)

Getting your finances in order is an important step to purchasing a house. You will be asked a lot of questions about your income and current bills being paid. But knowing your finances is not as simple as knowing how much your new shirt from Nordy’s just cost you. More specifically, you will need to know more about your assets and liabilities. Assets can be categorized as anything that has the potential to be owned or have economic value. Any type of currency is considered to be an asset. Other examples of assets are real estate, a car, accounts receivable or other real property. You can have current assets, fixed assets, intangible assets or tangible assets. Intangible assets are not physical in nature, for example Consumer Real Estate Finance Company is considered an intangible asset. Assets are liabilities and owner’s equity. Financially speaking, a liability is “an obligation of an entity arising from past transactions or events, the settlement of which may result in the transfer or use of assets. When looking at the break down of liabilities there are current liabilities and long – term liabilities. Some examples of current liabilities are accounts, taxes or short – term obligations. Some examples of long – term liabilities are long term bonds, long term leases or long term product warranties. While these terms may be intimidating to hear, being knowledgeable is the first step to overcoming that fear! Discussing the whats and the hows with your licensed loan officer is the best place to start!

Blog - ROTFLOAO - 11-6-14

USDA and Well Water Tests

An inspector from the local health department or a laboratory certified by the state takes water samples for testing. State laboratories performing analyses of drinking water compliance samples must meet the minimum criteria established by the US Environmental Protection Agency (EPA) to qualify for certification.

Well water samples are tested for the presence of coliform bacteria, lead and nitrates. Certain bacteria present in drinking water can transmit infectious diseases. Analyzing water quality may also include testing for arsenic, mercury and other harmful chemicals and contaminants depending on where the home is located. Elevated levels of these contaminants in drinking water can lead to a wide range of health problems.

Whenever USDA Loans or RD loans are made to purchase, construct or repair dwellings with private water systems, it is required that the seller, builder or applicant furnish a satisfactory water test to the Area Specialist.  Water samples must be taken as directed by the testing laboratory to insure accuracy of the tests.

The water sample cannot be drawn by the buyer or the seller in the transaction.

The following tests are required by Rural Development:

  1.  Coliform (total)
  2. Nitrate Nitrogen
  3. Lead
  4. Arsenic (only needed on new wells)

 

The testing laboratory report will indicate those tests that are unsatisfactory and make recommendations for correction.

Below are some examples of a satisfactory test…“water is considered bacteriologically potable”, “all tests are performed in accordance w/ NELAC standards”(Florida health Dept.), “is satisfactory for drinking water supply”, “this water sample meets the standards set by the state health department”, “the analyses were conducted using methods approved by the US Environmental Protection Agency (EPA) in accordance with the Safe Drinking Water Act.”