Incentives for First Time Home Buyers

The initial three steps individuals make when purchasing a home are: saving money and preparing the budget, canvassing and house searching, and closing a property deal. But what many tend to overlook is the presence of many homebuyer assistance programs from the government. First-time buyers, and even those who aren’t, with low to moderate incomes, can now have the means to own rural homes on a cheaper cost.

The main advantages interested homeowners will get are the lower mortgage rates, lower down payment, and lower interest rates. These three can definitely lessen the amount of withdrawals from one’s bank accounts.

There are many surprises that the government has in store for its people. Many people find it hard to believe that the U.S. Department of Agriculture actually has a home buyers’ assistance program. Fortunately, an individual doesn’t have to be a farmer or has to live in a farm to avail the U.S. Department of Agriculture Home Loan Program. Because of such programs, more and more Americans can finally have a home to live in.

The USDA has a wide range of mortgage services that are consigned to potentially new buyers. It understands that many American families with financial struggles may have needs when it comes to renovating or repairing an existing home, refinancing a home, or purchasing a home. For this reason, the USDA is providing direct loans, guarantee loans, and many other financial grants. The rationale behind these loan initiatives is to encourage big savings in purchasing rural homes, at the same time, more people will be attracted living in the countryside which is in dire need of economic uplift.

These USDA loans are one of the ideal options to families or individuals without great financial backing since they belong in the low to moderate income brackets. Without this assistance, they might struggle sealing off a home purchase knowing that pre-closing rates require a 10 or 20 percent balloon down payment and some aren’t ready to drop that big of an amount. Being a beneficiary of these lending schemes, an individual will be extremely grateful for the no down payment set-up. Usually, the closing costs are spread all throughout the payment period. This arrangement makes it possible for families to have their dream homes in sound neighborhoods without the big amount of show-money.

To become eligible for the rural homes loan, the interested buyer’s pick should be located or within the designated areas of the USDA. Each state has different terms, but usually, the locale available for settlement only has 20,000 residents or less. In some cases, there are suburban areas that don’t exactly belong to a rural area but still qualify the state’s stipulations.

Of course, the household income is also discussed by the USDA. To be granted credits, he/she must meet and fit within the income range the department and the state requires. Likewise, a steady income is favorable to them knowing that he/she has the capacity to pay. Normally, housing debt payments should not exceed 29% of a household’s gross monthly income.

Surely, buying a home with consideration of these assistance measures made the process and cost of living in a home easier and more affordable.

Making the Best of Rural TV and Internet

The remoteness of the rural areas put off a lot of people from moving outside of the cities. However, the busyness and the lack of space in the cities are changing the minds of young families, who are also attracted to the idea of living away from the hustle and bustle of urban life.

Families are also enticed by the idea of living more sustainability, planting their own food and raising their own animals. Children also benefit by gaining more space to play and to enjoy the fresh air.

However, the lack of one basic thing that most urban settlers take for granted might not be as easily available in the countryside: good Internet access. In fact, the more rural the area, the less likely that the infrastructure to support the technology exists. Those who are used to the fast broadband connections in the cities might be shocked at the lack of the same fast Internet speed in the rural towns. For example, some have connections as fast as 50-60 megabits per second or Mbps for less than a $100 every month. However, in a remote farm, one is more likely to get only 3 to 5 Mbps but be expected to pay more than $100 monthly.

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Most living in the towns use ISDN connections, which is the most common and uses the existing telephone lines in these rural areas. For simple Internet usage like, e-Mail, web browsing and maybe even online gaming, this speed is enough. But with the popularity of online streaming services like Netflix, Amazon Prime and iTunes, more and more people turn to these services instead of the TV. For these, speeds like to 3 to 5 Mbps will not be enough.

However, hope is coming. With wireless technology taking off, and LTE service becoming more and more available to everyone even in the rural areas, an improvement might be expected. In the future even faster connections might be developed, though it might not come until after 6 or 7 years from now.

Cell towers that provide service to your mobile phones can also bring good and fast Internet to your homes as well. Though at the moment most small towns are serviced by one large cell network, in the future this can be developed into many smaller ones, allowing for more consistent, cheaper and faster speed for users. This might be the answer rural residents are waiting for.

Many living in cities forget to be grateful for their fast and easy Internet service, and once they moved to more isolated areas will realize how lucky they are. As technology continues to improve though, things might also change for everyone. In the future, let us hope that Internet access becomes available and adequate enough for everyone.