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Rison, Arkansas USDA Loans
Home buyers in the community of Rison Arkansas have a great home loan product available to them. The USDA Rural Development Home Loan is designed for borrowers in rural areas with low to moderate income. The entire town of Rison and all of the outlining areas qualify based on the USDA Eligibility Map. The map is based on the most recent census which it determines a qualifying area based on population.
The loan is extremely popular with borrowers all over the U.S and Rison Arkansas is no exception. There are many great features of the USDA Loan. The biggest and most popular is that this loan type does not require a down payment. Other than the Va Home Loan it is the only true 100% no money down home loan.
Another benefit of the USDA Loan is the factor that is used for monthly mortgage insurance. The factor is .50%. This is much lower than the FHA loan which is .85%. This can result in hundreds if not thanks saved over the life of the loan. I also allows borrowers to afford more home for the same total payment.
The USDA Loan also has flexible credit requirements. Borrowers only have to be 3 years removed from bankruptcy. Additionally they only have to be 3 years removed from foreclosure. There are minimal tradeline requirements and when those can not be meet USDA allows the borrower to use nontraditional tradelines such cell phone and utility bills.
The amount of seller paid closing costs is another great thing about the USDA Loan. It allows the seller to pay up to 6% of the loan amount towards closing costs. In almost all cases this is more than enough to cover everything. With this coupled with the no payment payment people can literally purchase a home with nothing out of pocket.
Families is Rison Arkansas can greatly benefit from a USDA Loan when buying a home. There are many features that make it an extremely attractive loan type. They can buy a home inside the city limits often times with no money out of pocket. This is why we say Rison Arkansas USDA Loans are great for the community.