FmHA Loans
 n rural areas, the Rural Economic and Community Development (formerly the Farmer's Home Administration, FmHA) offers direct mortgage loans to buyers who fall within some relatively strict guidelines.
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This program is a straight government subsidy, with money allocated to local offices on a quarterly basis.
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The office processes the mortgage application as soon as you apply, generally before you've found a house, and then notifies you when the money becomes available.
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Depending on the area, some offices will have money available immediately, others will have a waiting list up to several months long.
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Eligibility
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The program targets buyers who can't get financing elsewhere, generally with low family income, and bases the mortgage payment structure on that income.
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The down side
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| The property needs to be one acre or less, and while the selling price limit is determined locally, it is generally modest. |
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Applying for an FmHA loan
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iOwn doesn't currently offer FmHA loans. To learn more about FmHA loans, and to find a lender that offers them, contact your local housing authority.
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