Farmer's Home Administration (FmHA) is a guarantor of loans made by agricultural lenders and also acts as a lender of last resort for family farmers who are unable to obtain credit under reasonable terms.
You would have to get the definitive answer from their office.
I heard that with an FHA subsidy low-income housing loan that there is no subsidy recovery owed if the borrower owns the home for over 9 years. Is that true? If so, is it also true with USDA f/k/a FmHA?
I currently work for the West Virginia Department of Education, I'm married, and I have no children. Am I eligible to apply for this? safarmer920@yahoo.com
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I own a FMHA home. You can find available homes at the United States Department of Agriculture link provided below.
The procedures vary from bank to bank and from a type of account to another. It is usually just dependant on your financial history and if the bank is willing to do business with you.
This varies from bank to bank. It also varies depending upon the type of account.
The FMHA loan program, often referred to as Rural Housing or USDA Loan program, is a very unique type of program through the Farmers Home Administration (a federal agency under the Department of Agriculture) which is designed to help average to below average income borrowers purchase homes in rural areas - oftentimes without the need for a down payment. The Farmers Home Administration (FMHA) Loans are government guaranteed loans for low to mid income level borrowers seeking to buy affordable housing in rural communities. These loans are not available in major metropolitan areas. These loans are made to applicants who do not now own a home and the loans are used to buy existing houses, buy new-built houses, or qualified new manufactured houses located in rural areas.
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