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USDA – What is considered Rural?

The United States Department of Agriculture (USDA) offers Mortgage Programs for property located in “Rural” areas.  This program involves 100% financing for Homebuyers.

When some people think of “Rural” they may think farmland only, however, rural takes on a whole new meaning when looking for a residential home loan.  There are specific areas that are not property eligible (think downtown Albany, Saratoga, Troy, Latham, Glens Falls) but many properties on the outskirts of these cities may be eligible properties!  (Think Altamont, Duanesburg, parts of Mechanicville, Stillwater, Sand Lake, areas of Malta, Greenfield, Wilton, areas of Ballston Spa, and areas surrounding Glens Falls.)

Maple Tree Funding has access to a property map that will let you know if a specific address is eligible.  If you are looking for a home and want to know if the property qualifies as an eligible area, please give us a call at 518-782-1202 or email us the address at BLOG@mapletreefunding.com and we will look it up and email you back letting you know!

Please keep in mind, if the property is eligible, you still must qualify for the program (Credit Score, Income Limits, Debt-to-Income Ratios, etc…)  If the property is eligible, we will be happy to pull your credit and gather your income information to see if you are pre-qualified!  It would be our pleasure to help you into your USDA home!

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Posted in Mortgage & Refinance Programs on Wednesday, July 11, 2012 by Maple Tree Funding