A couple of weeks ago, I wrote about the definition of a rural development loan and what it took to qualify for such a loan. You can click on the link below to read the article:
I recently spoke to three lenders and I have confirmed with them that the Rural Development loan program, also known as RD loans, will cease to exist after October 1st, 2012. For years, Owasso and Bixby have enjoyed the benefit of the RD loan program, despite the fast growth in both areas. The areas had still been considered “rural” because of old census data. The census numbers have now been updated and both areas are no longer deemed rural and don’t qualify for the RD program.
“I think that if someone was on the fence about buying a home and they were interested in getting a Rural Development loan, now would be the time to take advantage of those benefits while they still can,” said Lee Chinowth, Managing Broker at Chinowth & Cohen Realtors in Owasso. I also asked Mr. Chinowth what his thoughts were on what would happen to the Owasso and Bixby housing markets after the end of the Rural Development program. “There are parts of Owasso that haven’t qualified, and most of Tulsa that has never qualified. Those areas have continued to grow and I believe that they will continue to remain steady,” said Chinowth.
If you’re interested in taking advantage of the Rural Development program before it ends, call Mario at 918-261-0622 or email email@example.com.