Massachusetts Continuing Education COURSE
The U.S. Department of Agriculture (USDA) loan program isn’t as well known as the FHA loan, but maybe it should be.
What is the USDA loan? It’s a 15- or 30-year fixed rate loan available to low-income and moderate-income rural and suburban homebuyers. Contrary to what many assume, USDA loans aren’t just for farmers and you may be surprised at what consistutes "rural" for qualifying purposes.
As with VA loans, USDA loans are issued by approved lenders and guaranteed by the government—in this case, the Department of Agriculture.
This course offers a thorough look at the ins and outs of the USDA rural development lending program—covering everything from income eligibility to property criteria—so that licensees can help their clients understand and navigate this unique road the home ownership.
Course highlights include:
- Differences between USDA guaranteed and direct loans
- Income eligibility requirements and qualification ratios
- Buyer safeguards, seller contributions, closing costs, funding fees, and loan assumptions
- Eligible and ineligible properties and the appraisal process
- Steps in processing, underwriting, and closing rural development loans
- Activities and scenarios to reinforce key concepts