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Do you think an USDA loan is good? If so where can i find info on it?

  • October 09 2009 - US
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Answers (7)

http://www.usdaloans.com/benefits.html
A USDA Rural Development home loan offers qualified borrowers a chance to obtain a home loan with easier qualifications and financing options than other conventional loans. Keep in mind that the USDA Rural Development does not fund the mortgage loans. Rather, the program has partnered with selected lenders in all states who will loan the money with a repayment guaranty from the USDA, if ever the loan should default. This offers lenders confidence in providing loans to qualified candidates who meet the USDA Rural Development underwriting guidelines
  • November 11 2009
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Profile picture for Justin Kennedy

Visa are case by case per each inv. lender. a non perm alien will need an acceptable visa type (important), proof of countinance for 3 years (prior reissue of visa or employer letter addressing such topic) and a EAD. Keep in mind, each lender has thier rules regrauding a non-perm alien; as that status carries addtional risk factors to the lender.

USDA, since i am located in a allowed area, it is hands down my favorite program; most of time better than FHA; in addition, I am big fan of keep funds liquid rather than 3.5% downpayment; as real estate will float up/or down with the amount of REO's released in the subject market place.

  • November 11 2009
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Profile picture for Yulp
  • Yulp
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In relation to the same question about USDA,are there citizenship restriction for USDA qualifiers?

Do you ned to be a US Citizen or have a Green Card to qualify? People who enter/work on Non-Immigrant visa's ,are they eligible for RD loans?
  • November 10 2009
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A USDA loan or a RD loan are some of the best programs out there if you qualify.  Go right to  USDA's web page or Rural Development and search for a list of lenders in your area. Or if you can search Zillow for lenders that provide FHA loans many of them can also underwrite USDA or RD loans.
  • October 10 2009
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Profile picture for The Mortgage Link
The USDA Rural Development loan product is fantastic.  I think it gives you an advantage as many lenders and/or loan officers either don't know the product or don't offer it.  It is very similar to FHA or conventional loans, but you do have to know the income limitations and property eligibility requirements.  The best page to refer to is:

http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=sfp&NavKey=property@11
  • October 09 2009
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Profile picture for daveskow
if you have 0 down - yes
if you have more than 3.5% to put down - not necessarily
  • October 09 2009
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Yes the USDA loan is great if you're in a rural area - it allows the applicant to borrow up to 102% of the APPRAISED value for purchases and 100.5% for refinances.  You can find more infomation at www.usda.gov  Hope this helps!
  • October 09 2009
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