Missouri’s First USDA Rural Development Manufactured Home Loan: A New Milestone in Homeownership
New Melle, MO. – In a groundbreaking moment for the real estate industry, Blondin Real Estate has achieved a major milestone by closing Missouri’s very first USDA Rural Development Single Family Housing guaranteed loan on a manufactured home. This momentous event marks the beginning of new opportunities for prospective homeowners in rural areas and brings a fresh wave of excitement to the local housing market!
With Hope Fick serving as the listing agent and Sarah Wyatt representing the buyer, the transaction culminated in a successful closing for the first USDA-backed manufactured home loan in the state. The buyer was able to purchase a home on four acres for $187,000- and the best part? The entire cost was covered within the loan, except for a minimal earnest money deposit of $500. Happy buyer, happy seller, making it a win-win situation.
What the USDA Loan Program Offers
For years, USDA Rural Development has been a trusted resource for homebuyers in rural areas, helping individuals and families purchase homes with favorable financing terms.
Some of the key features of the USDA loan include:
- 100% Financing: The entire cost of the home can be financed, requiring no down payment.
- Lower interest rates: USDA loans typically offer interest rates that are 0.5% to .75% lower than conventional or FHA loans, making them more affordable in the long term
- Area Eligibility: The home must be located in a rural or suburban area, ensuring the program benefits families in communities that need it the most. The program provides a map for easy information.
- Closing Costs: Many closing costs can be rolled into the loan, further easing the financial burden for buyers.
