If you're in the market to build a new home in a rural area of the United
States, you may be surprised to know that the federal government has made
available a very attractive mortgage loan program which allows qualified
homebuyers to obtain loans to build their new homes with minimal closing
costs and no down payment.
In case you are unfamiliar with the FHA Rural Development housing project,
Rural Housing Service (RHS) was created in 1994 as a result of the
Department of Agriculture Reorganization Act to meet housing and community
development needs of rural America.
If you are looking to buy or build your first home, there couldn't be a better
time than now. The selection of available homes and small stock house plans
can't get much better, interest rates are low and the government is offering an
$8,000 federal tax credit for first time buyers who can seal the deal before
December '09. There are also other tax advantages: you are able to deduct the
cost of your mortgage loan interest and property taxes.