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All Forum Posts by: Jody Johnson

Jody Johnson has started 1 posts and replied 2 times.

Post: USDA rural development loans

Jody JohnsonPosted
  • Investor
  • Prestonsburg, KY
  • Posts 2
  • Votes 0

Thanks Joseph. I did look into the HUD 221-4D program. It looks like a better way to go. Thanks for the tip!

Jody

Post: USDA rural development loans

Jody JohnsonPosted
  • Investor
  • Prestonsburg, KY
  • Posts 2
  • Votes 0
I am looking at an opportunity to build a new 100 unit apartment building in Kentucky. While doing my due diligence I came across a USDA rural development loan. The loan can be used for construction of new apartments. The loan has a 40 year amortization with a fixed rate and only requires 10% down. The catch is the income limits of the prospective tenant can't be more than 30% of 115% of area mean income. Does anyone have any experience with this loan?