The lure of a quiet evening away from the hustle and bustle of the city or viewing the stars from a mountain top are some of the perks of living in the countryside. But one need not move to the plains of Oklahoma for this life, instead parts of rural San Diego County are among the areas included in the U.S. Department of Agriculture's home loan program.
Eligible areas vary depending on the loan desired but generally include San Diego regions like Fallbrook, Julian and Pauma Valley.
The USDA's Rural Development program allows home purchases with no down-payment and less stringent credit and income requirements than conventional loans. Mortgage insurance is also typically far less than that of other federally regulated programs like FHA loans.
Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 4.5 percent, 15-year rates are near 4.0 percent and the 5-year ARM is averaging 4.0 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.