USDA Rural loans are still alive & well in Tooele
USDA Rural loans are still alive and well in Tooele County! It was thought that the 2010 Cencus was going to take away our 'bread and butter' loan program out here. After all, Tooele, with it's 33k population can't be considered really rural anymore. However, the expectation was that the rest of Tooele County would still be able to use the program, including Grantsville and Stansbury Park.
So, imagine our surprise to find out that we'll be able to continue to use this great program for at least the rest of this year. Very pleasant news considering that we've been using that product more than any other over the past three years, even more than FHA.
For those of you 'urban' people, the USDA Rural loan program is a Zero down program with one distinct advantage over some of our other 100% programs. Namely, no private mortgage insurance. It also has some realistic income ceilings, especially for those of us with large families. Remember, this is Utah! Thanks to Braidi Fox with Graystone Mortgage for PROACTIVELY sending us the latest income guidlines! Tooele County income limits for Rural Housing is now 1 to 4 Family at $79,200 and 5 to 8 Family at $104,544.
In addition there are some other cool things about this product. For example, did you know if a client is just slightly over the limit there are additional things that Rural will allow the clients to count to lower their income to qualify.
1. Child Care
2. Medical for an Elderly Family 62 and over
3. Disability Expenses
4. $480 for each dependent under age 18
A little reasonable flexibility in a loan program is nice! As business picks up this year, as it's already done, we'll be relying on the USDA Rural loan program for as long as we have it here in Tooele, and even longer in the Grantsville and Stansbury Park. If you have any questions about this program, give us a call!
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