Nevada County Picayune and Gurdon Times Newspaper Archive

Loans Are Available By Govt.

Is your income too low for conventional lenders or any other federal housing loan programs? Are you unable to pay the down payment required by these programs? USDA Rural Development, formerly known as the Farmers Home Administration has a loan program for you, called the Guaranteed Rural Housing Program.

This program enables qualified applicants to obtain financing through an approved lender. The lender, in turn, requests a guarantee from USDA Rural Development.

The average time frame for approved lenders to obtain a government guarantee in the state of Arkansas is 48 hours. The terms of the loan are at a fixed rate, over a 30-year term; the interest rate is determined by the lender. Depending on the appraised value, the closing costs may be financed with the purchase of your home.

Homes that are financed through this program must meet certain conditions. Existing homes must meet the model energy code. Land value of the home being financed cannot exceed 30% of the property value.

Contact Chester Gant or Keith Huskey at 870-777-8809 for further details, the location of the closest approved lender to you, or inquire about the income limits for the area that you want to live in.