Rural teachers are heroes. Working tirelessly to educate children and youth, they should not have to worry about where they live after an invigorating day at work. Yet in many areas of rural Nevada, rental inventory is low and sometimes expensive. That's where a USDA home loan can make a big difference!
Take the example of Kelly Lawrence (named changed for anonymity). As a recent college graduate with her teacher accreditation in hand, she was thrilled when she received a job offer from the Lyon County School District to teach in Fernley. Then she was approved for a USDA Direct Home Loan and was able to move into her new home only one week after her job started--it was a dream come true
It was a dream come true because the USDA Rural Housing Program is such a good deal. The loan provides 100% financing with NO DOWNPAYMENT, no Private Mortgage Insurance, and no asset requirements. Many new homeowners are astounded to find out their mortgage payment is less than rent!
USDA's Rural Housing Loans are available in areas with a population of 35,000 or less. Visit USDA's Income and Eligibility website at https://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do and type in the home address and zip code to learn more.
Income eligibility varies slightly by county, USDA Rural Housing Program Loans are targeted to low-income and moderate-income families. Guaranteed Home Loan for moderate income families. With the Guaranteed Loan, USDA guarantees loans originated by approved lenders.
USDA's Direct Home Loan subsidy, along with favorable rates and terms and zero down payment make homeownership more affordable than you might think!