(DailyDig.com) – The Federal government has an interest in helping develop rural areas of the country. To do so they sometimes have to incentivize people to move to those parts of the country. Without the infrastructure that other areas of the country have, rural areas are sometimes seen as less desirable for some people. However, with median housing prices hitting unbelievable highs at this time, it seems that many people are looking at their options when it comes to housing.
Certain Groups Qualify for Farm Labor Housing Loans
Certain groups are given special consideration when it comes to farm laboring housing loans. These groups include:
- Associations of farmers
- Non-profit organizations
- Native Americans
- Public agencies
- Associations of farm workers
The government seeks to give these groups a leg up when it comes to purchasing the property because their intended purpose for the property is expected to be that they will use it for all of their farming needs. Aiding the agricultural sector is something that the government often seeks to do, and one way that they show this is by offering farm labor housing loans to groups that need them.
Advantages of This Loan Type
There are special advantages that one receives with this type of loan. A few of those advantages include:
- Easy Credit Qualification – The credit score required to obtain this type of loan is not nearly as high as what others pay for the same privilege.
- Low Closing Costs – The total amount paid in closing costs is reduced for a person who receives this type of loan. This is also done in an effort to assist them with the total cost of ownership when it comes to purchasing their new home.
- Reduced Down Payments – Down payments are a hefty expense, particularly when the purchaser does not necessarily have a lot of liquid capital. Farm labor housing loans require far less to be put towards a down payment.
Anyone who falls under a qualifying category should check out what they might be able to get from the government as far as this type of loan is concerned. Economic times are very tough for most people right now, and this type of loan may prove useful.
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