An outstanding loan opportunity for individuals in the greater Reno/Sparks area is the Rural Development (RD) or Guaranteed Rural Housing (GRH) loan. This loan is qualified for people that meet moderate income limits and have property located in previously "designated" rural areas(http://eligibility.sc.egov.usda.gov). The program is designed for people looking to purchase or individuals with qualified properties that are looking for a rate deduction on their current primary residence of at least .5% off their current mortgage rate.
For individuals looking to purchase there is no maximum for seller concessions. This is an amazing opportunity given our current market and the ability to negotiate with motivated sellers. These concessions may be used to buy-down the interest rate or towards buyers closing costs.
Qualified "rural" properties are located throughout the Truckee Meadows; prime examples may be found in the following areas: Spanish Springs, Palomino Valley, Red Rock, Fernley, Dayton, Cold Springs, Lemmon Valley, Golden Valley, Stead and Washoe Valley to name a few.
If you have questions in regards to qualifications for this loan please post a response or call directly.
Jason Norris, MBA, CMPS, President MFG Mortgage Services, LLC 1.775.322.0496
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