USDA Rural Development Expands to Lansing KS Real Estate

USDA Rural Development Expands to Lansing KS Real Estate

Beginning May 6, 2014, buyers in the Lansing KS real estate markets, as well as, Gardner, Dodge City, Garden City and other nearby communities may be able to take advantage of the Guaranteed Rural Housing (GRH) Loan Program.  The zero-down payment and up to 102 percent financing are popular benefits of GRH versus FHA loans.  In a nutshell, the GRH includes:

• ·         30-year fixed rates
• ·         Flexible credit and qualifying guidelines
• ·         Less expensive than FHA loans
• ·         No limits on sources or amount of gifting to pay closing costs
• ·         Streamlined credit approval with credit scores of 640 +

There are several excellent reasons to find out about real estate in Lansing and the surrounding areas that is suitable for the needs and goals of today’s home buyers.  For more information about opportunities for home ownership in the Lansing KS real estate market, contact Shelly O’Boynick, Broker Associate RE/MAX Realty Suburban at 816.830.3370.

Background

The GRH Loan Programs were created to help rural communities become self-sustaining, re-populating, and prosperous.  They are initiatives sponsored by USDA Rural Development.  The USDA also seeks to promote the conservation and restoration of private working lands, and hence water resources, promote agricultural production, and increase food security.  Therefore, larger parcels are eligible.

The agency targets communities with populations under 10,000.  Lansing and these other communities have surpassed that limit.

Enter the 2014 Farm Bill.  The definition of “rural” has been changed in this new legislation.  Communities of 25,000 to 35,000 residents are able to claim they are “rural in character.”  Homebuyers may be eligible for USDA Rural Development loan programs until the census in 2020.

Eligibility

The USDA Rural Development mortgage programs cover rural acreages.  There may be existing homes or vacant acreage with plans to build a home.  There may be outbuildings on the properties as well.  These homes must be used as principal residences.  There are some income restrictions.

Shelly O'Boynick
Realtor, Broker Associate
RE/MAX Realty Suburban
12701 W. 87th Street
Shawnee Mission, KS 66215
cell-816.830.3370
www.ShellyOBoynick.com
email ShellySellsRealEstate@gmail.com