USDA Rural Development now has $14 million in direct loan funds available to assist qualifying rural Iowans with their home mortgage purchases. These loans, which are available on a first come, first served basis through September 30, 2015, include benefits such as:
- No down payment
- 33-year loan term
- Current 3.375 percent fixed interest rate
- Payment assistance for eligible applicants
- Quick processing timeframes
They encourage applicants to obtain a one-year home warranty. It’s best if you can get the seller to cover this in the purchase agreement.
You can request a pre-qualification form by emailing firstname.lastname@example.org, or by calling (515) 284-4444. You should do this before before you sign a purchase agreement.
Find more information about USDA Rural Development programs at their website.