If you buy a home in North Liberty, it’s considered a rural area and you may be able to qualify for a USDA Rural Development Loan that offers 100% financing. Right now with banks looking even closer at credit conventional loans are harder to qualify for and the USDA Rural Development Loan has become a very lucrative alternative. In short, the Rural Development loan offers you 100% financing on a home loan with a low interest rate AND no PMI (Private Mortgage Insurance).
When it comes to specialty loans like the USDA loan, VA and FHA loans, buyers often think that they take longer to process. My own personal experience is that there is very little difference in the times it take to process these loans compared to a conventional loan. Typically I refer buyers to local banks. The few times I’ve worked with clients at big banks I’ve found there’s a lot more red tape to cut through and that all loans take longer to process, and not just the specialty loans.
If you’re relocating to the Iowa City area you should take a closer look at North Liberty IA. A big attraction for home buyers is the abundance of New Construction Homes at more affordable prices than Iowa City or Coralville. Situated between Iowa City and Cedar Rapids it’s perfect for those who prefer to live a little further away from all the action and still have easy access to all the amenities they need. The RD Loan is just one of the perks you get when you buy a home in North Liberty!
Getting pre-approved is the first order of business when you buy a home and talking to a few different lenders about the different options is a good idea. I can help by referring you to local lenders who offer rural development financing. I can also give you a broad overview of other loan programs offered by local lenders so you have a few choices and talk with more than one lender before you move forward with your home buying adventure.
You can reach me easily with questions about buying real estate in the North Liberty area by phone, text or email 7 days a week!