 Looking to buy a home in Lancaster County, but have limited income limits? There is a loan available to you that you might not know about! I have done a number of loans such as this in the past, and thought I would share my information with other buyers.
The USDA Rural Development loan is available directly from the US Government for those families who meet certain income limits. There are two types of loans available -- Direct and Guaranteed -- with certain differences that you might qualify for. These are also known as SECTION 502 Loans, and can be used to not only purchase a home, but also to make repairs, build or renovate your existing home. 
Applicants for a DIRECT or GUARANTEED loan must have low or moderate incomes (contact me at Homes for Sale in Lancaster PA -- Real Estate in Lancaster County to see if your household qualifies). Applicants must have reasonable credit history, and be unable to secure a loan elsewhere.
Terms: DIRECT Loans are for between 33 - 38 years depending upon your eligibility, and 30 years for a manufactured home. There are certain requirements that a home must meet, such as passing a USDA "Thermal" inspection and have adequate site standards (water/sewer available). GUARANTEED Loans are for 30 years, and there is NO DOWN PAYMENT needed. Income limits apply for both types of loans, meaning your household cannot make more than the median income for the area you are purchasing in, and the home must still pass certain inspection requirements.
Now the REALLY GOOD NEWS -- Believe it or not, the majority of LANCASTER COUNTY is eligible for Rural Housing loans! Populated areas, such as Lancaster City and most of Central Lancaster County are not eligible, but homes for sale can be purchased with a Rural USDA Loan in Penn Manor, Solanco, Leola and most of Conestoga Valley, Manheim, Akron, Ephrata, Lititz and Rothsville areas, Salunga, Mount Joy and Donegal areas, certain Hempfield areas, Lampeter, etc.
If you are interested in obtaining information for a Rural USDA Housing Loan, please feel free to contact me at Homes for Sale in Lancaster PA -- Real Estate in Lancaster County . This is a great program provided by the US Government that many buyers and their Real Estate agents are not aware of. Luckily for us in Lancaster County, many areas qualify for these specially funded home buyer loans -- lets go get one! |