When people hear the term rural development loan most think of a piece of property out in the middle of nowhere.  Luckily, that is not the truth!  Rural development loans are available for ALL of Ascension,Livingston,West and East Felician,West Baton Rouge and SOME of East Baton Rouge parishes.

RD loans are government back loans that have great terms and rates.  Below are some of the benefits and guidelines of the program:

• 100% financing-no downpayment required
• Closing cost may be included in the loan up to the appraised value and no limits on seller contributions
• No PMI or MIP
• Gifts are accepted as downpayment
• Higher Income/Debt ratios
• Does NOT have to be a first time home buyer
• Condos are accepted
• Reduced closing cost
• Competitive rates (typically same as an FHA rate)
• There is income limits but they are very reasonable
• There is no maximum loan amount.  Amount is determined by borrower's ability to pay

***DUE TO THE HURRICANES, RD HAS INCREASED THE INCOME LIMITS DRAMATICALLY AND MADE THESE LOANS VERY ATTRACTIVE.  HOWEVER, THE INCREASES AND OTHER INCENTIVES EXPIRE ON SEPTEMBER 30,2008!!  THE LOANS MUST BE CLOSED BY SEPTEMBER 30,2008!!!*****

If you or anyone you know is currently in the market for a home and would like to explore the option of a rural development loan please contact Shanon Sims at (225)296-7723 or shannon@judyburkett.com  ASAP!!