Hall Lending Group was created by Hope Hall with one mission in mind: to provide customers with the best home loan experience possible. For nearly two decades, we have been helping families meet their goals of home ownership with the best interest rates and loan programs available. We care about more than just your home loan. We take pride in making lending easy. We understand that family is important and that you want what is best for them. We make lending easy because you want to be the hero that gave your child their own backyard. We make lending easy because you want to spend more time with your family and less time on paperwork. We make lending easy because YOUR TIME MATTERS.
Buying a home is likely one of the largest purchases you will ever make in your lifetime. Many potential homeowners worry that they will never be able to afford the mortgages or loans they have agreed to. There are even some people out there who believe they will never own a home, no matter how hard they try. Owning a home is part of the American Dream. Everyone should have the right to own a home, especially if they have worked hard to buy one to call their own. Cedar Rapids, Iowa City, Waterloo and other surrounding areas in Iowa have a mixed variety of neighborhoods. Some may be very affluent and out of reach for people with low to average incomes. However, there are a lot of neighborhoods that would be supportive of people with low to average incomes. USDA loans do not require any type of down payment. Approved borrowers do not have to worry about scrounging up the funds for a hefty or even a small down payment. They can put nothing down and still be handed the keys to their new home.
While most approved USDA loans are found in rural areas, a borrower’s definition of rural may be completely different from that of the lender. The borrower may hear rural and think of the countryside, farmhouses and traveling miles at a time to find a grocery store to find items for their basic needs. They have no idea that the lenders are thinking of towns and suburbs that are located outside the larger metropolitan areas. Yes, that’s right. No money is required for a down payment, and an approved borrower can be living in the towns and suburbs located outside Cedar Rapids, Iowa City or even Waterloo. No distant traveling is required to find the local grocery store or any other amenity needed for everyday life.
The major advantage of USDA loans is that borrowers will find themselves with a lot of cash in hand. There is no need to worry about selling the valuable things that you own or withdrawing from investments or retirement accounts to be able to afford a down payment on your new home. All of your assets will stay intact. The money you save from not having a down payment may put a payment plan into action for you. Do your research about typical down payments most new homeowners make. Choose one that you know you can afford that won’t put you further into debt or cause you to skip things you need to live your life comfortably. Chances are that the amount of money you are left with can make several loan payments. Lenders love it when borrowers are willing to make payments ahead. This proves that their loan approval was a good risk to take.
You can also take the cash in hand that you have and pay off other essential bills. The more household and personal bills you can work into shape, the more likely you are to meet your loan obligations. You are more likely to enjoy living in your new home if you know your ability to meet your other household expenses is not affected. First-time home buyers will completely enjoy not having to make a hefty down payment. They will be able to buy a home, and this is something they may have never thought they would be able to do.
USDA loans can benefit Cedar Rapids, Iowa City, Waterloo and other surrounding areas in Iowa. Homeownership becomes affordable for all, including those with low to average income. Communities that are considered rural or rundown become built back up or even redeveloped. When homeowners come back into the neighborhoods, the economy grows. Supply and demand for goods and services increase. Businesses both large and small see this increased need and consider expanding to such areas. Employment rises. People have more disposable income to spend. Suddenly the standard of living increases. Some people choose to buy existing homes and repair or rehab them, while others choose to build or develop new residences. An area that was once considered tired and rundown suddenly comes back to life, and it was all due to USDA loans with no required down payment.