The Rural Development Loan program helps low and moderate income families living in rural areas make homeownership a reality. Kara Davis, of Crew Lending, is happy to offer great rates on this 0% down/100% financing loan in Lake Charles, Sulphur, Westlake and the whole state of Louisiana. For more information, click here or call Kara Davis at 337-842-0115.
Rural Development Loan Uses
A Rural Development Loan can be used to purchase residential property that can be used as a permanent residence in an eligible rural area or to refinance an eligible loan.
What Qualifies for a Rural Area?
- In general, a rural area is a geographic area that is located outside towns and cities.
- Typically rural areas have a low population density and small settlements.
- Rural communities are often farm lands. However, a rural community can also be woodland forests, plains, deserts and prairies.
- There are few buildings, businesses and people in rural communities. In these communities people live far apart from one another.
- In Southwest Louisiana, most areas surrounding Lake Charles are considered rural and therefore eligible for this 0% down/100% financing loan program. If you are not sure if you live in a rural area contact Kara Davis today at 337-842-0115.
What are the Benefits of a Rural Development Loans?
Rural Development Loans require 0% down for eligible buyers; 100% financing! In addition, closing costs and reasonable, customary expenses associated with the purchase may be included in this loan transaction. The seller can pay up to 6% of the purchase price towards borrowers closing costs and/or pre-paid items. The borrower may come to the closing table with little or no money!
Rural Development Loan Requirements
To qualify for a Rural Development Loan the borrower must have a minimum credit score of 620. If the borrowers’ credit score is below this threshold, they can still potentially qualify with a lower credit score and extenuating circumstances. To purchase a property using the Rural Development Loan, no down payment is required for eligible borrowers. Contact Kara Davis at Crew Lending 337-842-0115 for more information.
Kara Davis is a Trusted Rural Development Lender
Kara Davis of Crew Lending is happy to help her clients with all of their Rural Development Loan needs in Sulphur, Westlake, Lake Charles and the entirety of Louisiana. For those looking to refinance their current USDA/Rural Development loans at a lower rate or purchase their very first home, Kara Davis can help! Click here or call 337-842-0115 or with any questions you have on Rural Development Loans or how to get qualified!