Country living… there’s nothing like it! When you live in the country, you never have to worry about traffic jams, noisy construction, or pollution. There’s nothing but blue sky and beautiful land for miles around. And you get to enjoy all the peace and quiet you could have ever dreamed of! If you’re considering escaping the city and moving to the countryside, you’ll most likely need to take out a home loan to purchase a property. Below, we’ve shared some loan options for buying a house in a rural area.
Loans for Buying a House in a Rural Area
Moving to the countryside definitely has its benefits. Homes that are farther away from the city in rural areas generally tend to have larger lots and be more moderately priced. Furthermore, you don’t have to deal with all the hassle and restrictions of living in the city like HOA fees, property maintenance requirements, parking, etc. You can grow your own food, buy horses or chickens, or even start a small farm. There are so many possibilities!
If you dream of moving to the countryside, you’ll want to check out these loan programs:
USDA loans are an excellent option for buying a home in the countryside. These mortgages are backed by the U.S. Department of Agriculture as part of the Rural Development Guaranteed Housing Loan program. Generally, they’re meant for families and individuals with low to moderate incomes.
FHA loans are insured by the Federal Housing Administration. These loans allow individuals with financial challenges to pursue their dream of buying a home. One of the benefits of taking out an FHA loan is that you don’t have to put as much money down as you would with a traditional mortgage.
Conventional mortgages are loans that are not backed by the federal government. These loans meet the requirements for Fannie Mae and Freddie Mac. Conventional loans are an attractive option because they have good interest rates and flexible terms. However, borrowers may have to meet a higher standard in order to qualify.
Pursue Your Dream of Moving to the Countryside!
Call our office today to learn more about loans for buying a house in the country and get started with the application process!