{"id":26758,"date":"2022-10-18T10:33:56","date_gmt":"2022-10-18T16:33:56","guid":{"rendered":"https:\/\/citycreekmortgage.com\/?page_id=26758"},"modified":"2023-11-02T15:22:14","modified_gmt":"2023-11-02T21:22:14","slug":"usda-rural-housing-purchase","status":"publish","type":"page","link":"https:\/\/citycreekmortgage.com\/purchase\/usda-rural-housing-purchase\/","title":{"rendered":"Utah USDA Rural Housing Home Loans – Apply Today"},"content":{"rendered":"

If you are wanting to buy a home in Utah in a rural area one option you might consider is a USDA loan.\u00a0 This is a type of mortgage that is backed by the<\/span> U.S. Department of Agriculture<\/span><\/a> and has less stringent qualifying terms than a conventional mortgage<\/a>, so people with lower to moderate income can have an easier time qualifying. Here is some information about USDA loans from the mortgage experts at City Creek Mortgage to help you understand whether this might be a good option for you.<\/span><\/p>\n

Speak with a USDA Loan Officer – 801-501-7950<\/a><\/p>\n

What are USDA or Rural Loans and Their Advantages?<\/b><\/h2>\n

A<\/span> USDA or rural home loan<\/span> is a type of mortgage that is backed by the U.S. Department of Agriculture. This type of mortgage is only available in qualifying rural areas for applicants who meet income eligibility requirements.<\/span><\/p>\n

For single-family housing, the USDA offers two different programs, including the single-family direct loan program and the single-family guaranteed loan program.<\/span><\/p>\n

The USDA Section 502 guaranteed single-housing loan program provides a guarantee to lenders that the borrower will pay the mortgage. The direct loan program is available for low to moderate income buyers and provides a home purchasing option to qualifying buyers to help them obtain sanitary and safe housing in rural areas.<\/span><\/p>\n

To qualify for a USDA mortgage through the single-family direct loan program, your income must meet the criteria for the area in which you want to purchase a home. For the single-family guaranteed loan program, your income must be considered moderate and can’t exceed 115% of the median household income for your area.<\/span><\/p>\n

As long as you are fine with living in a qualifying rural or suburban area and only are looking for single-family housing, a USDA loan might be a good option. This type of mortgage offers the following advantages:<\/span><\/p>\n