380 Barton Ave
The mission of USDA Rural Development’s Single Family Housing Guaranteed Loan Program is to assist low to moderate income rural homebuyers achieve their dream of homeownership!
Rural Development partners with approved local lenders to extend 100% financing opportunities to eligible rural individuals and families for the purchase of safe and sanitary dwellings. Guaranteed loans have assisted thousands of homeowners to purchase a home with affordable interest rates and loan terms.
Applicants must purchase a home within the eligible rural areas, and have a household income that does not exceed the established limits where the home is located. Additional Guaranteed Loan Features include but are not limited to:
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100% financing, no down payment is required. The loan amount may not exceed 100% of the appraised value, plus the guarantee fee may be included.
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Guarantee Fee applies: may be rolled into the loan amount.
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Flexible credit guidelines. Non-traditional credit histories may be accepted.
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Fixed 30 year interest rates apply. Lenders and applicants agree upon interest rate.
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Qualifying ratios are 29% for housing costs and 41% for total debt. Lenders may request an exception to exceed these ratios when strong compensating factors are identified.
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No maximum purchase price. Qualifying ratios and the applicant’s stable and dependable income will determine home affordability.
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Eligible property types include existing homes, new construction, modular homes, Planned Unit Developments (PUD’s), eligible condominiums and new manufactured homes.
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Eligible closing costs and lender fees may be included in the loan or paid by the applicant.
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Gift/Grant Funds/Mortgage Credit Certificates (MCC’s)/Seller Concessions are allowed.
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Eligible repairs and improvements may be included in the loan.
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Applicants apply with an approved lender of their choice.
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Not limited to first time homebuyers.
Notes: Luling is a Rural Development Area!
The income limit for St. Charles parish is $74,750 a year for a family of 4 (it increase for a fimaily of 5+)
This Mortgage Calculator is very helpful in looking at how much you can afford.
There is also a handy amortization schedule to see how much intrest you pay over the life of the loan. The mroe information you have before you get into getting a loan and buying a home, the better off you are! I wish someone would have told me all of this before I bought my first home!
What is an FHA Loan?
An FHA loan is a mortgage loan that is insured by the Federal Housing Administration (FHA). Essentially, the federal government insures loans for FHA-approved lenders in order to reduce their risk of loss if a borrower defaults on their mortgage payments.
The FHA program was created in response to the rash of foreclosures and defaults that happened in 1930s; to provide mortgage lenders with adequate insurance; and to help stimulate the housing market by making loans accessible and affordable. Nowadays, FHA loans are very popular, especially with first-time home buyers.
What Are the Advantages of FHA Loans?
Typically an FHA loan is one of the easiest types of mortgage loans to qualify for because it requires a low down payment and you can have less-than-perfect credit. An FHA down payment of 3.5 percent is required. Borrowers who cannot afford a traditional down payment of 20 percent or can’t get approved for private mortgage insurance should look into whether an FHA loan is the best option for their personal scenario. Another advantage of an FHA loan is that it can be assumable, which means if you want to sell your home, the buyer can “assume” the loan you have. People who have low or bad credit, have undergone a bankruptcy or have been foreclosed upon may be able to still qualify for an FHA loan.
Financing Tools
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