You might be able to qualify for a Rural Housing Development mortgage loan in Utah if you have the ability and willingness to pay the monthly payments.
RDA or Rural Housing Development loans are quickly becoming a popular option for those purchasing home in rural areas. These RDA mortgage loans have flexible guidelines to help with challenging issues. Rural Housing mortgage loans are perfect for homebuyers that have little to no money down and less than perfect credit.
To determine if you qualify you will need ask yourself a few questions:
Do I make too much money for a Rural Housing loan?
It’s funny to think that if you make too much money you may be disqualified from a mortgage, but with RDA rural development loans that is the case. You are allowed to make up to 125% of the median income for your area. If your income is over the limits you will not qualify.
Do I make enough money to purchase a home using a Rural Housing Mortgage?
Calculating income can be tricky with an RDA Rural Development home mortgage loan. There are two different calculations you need to be aware of. The first is the “Eligibility Income” the second calculation is the “Adjusted Income”. Both play a factor in qualifying.
Am I in an eligible area for Rural Housing?
You probably will be surprised what is considered rural and what qualifies as an eligible area for RDA Rural Housing mortgage loans. Most counties in Utah have some portion considered Rural. Counties with some restrictions include Cache, Davis, Salt Lake, Utah, Washington, and Weber.
Can I show Rural Housing I am willing to pay the money back?
Your credit report will help tell the story of your willingness to repay the loan. If you have major credit challenges RDA Rural Housing will not approve your loan. Credit scores are taken into consideration when determining willingness to pay. A 660 Fico score would be considered excellent for RDA. From 620-659 you may need to write some explanations about your credit. Under 620 you will need to fully explain any derogatory accounts and have a high probability of being declined.
Bottom line is a Rural Housing Development mortgage loan may save you hundreds of dollars per month. It is a must to see if this is an option when you purchase your first or next home.
Mike Harrison
Principal Lending Manager
Email: mike (at) firstfedmort.com
Qualify Now Online
First Federal Mortgage, Inc
Salt Lake City, Utah
801-404-3540 Cell
888-800-1629 Toll Free
*This is not an offer to lend. 
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