No money down USDA loans

Has anyone taken advantage of this program yet?  It's just been made public, and looks great on paper.

Here are the facts as of 1/11/2012
3.785% is the current loan rate
$417,000 is the maximum loan
640 minimum credit score
$97,200 max household income for 502 Guaranteed Rural Housing Loan Program
 
502 Direct Rural Housing Loan Program
Maximum Household Income
$73,000 family of 5
$67600 family of 4
$60,850 family of 3
$54,100 two person
$47,300 single person
  • January 11 2012 - Bedminster
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Answers (4)

The program has been around for many years under several different names.  I think it was called Farmer's Home when I did my first one in probably 1986 or so.  The income limits vary by area as do the loan amount limits  The important thing to know is that it can only be used in rural areas meaning communities of less than 25,000 people not contiguous to a major population center.  USDA has a list of eligible communities on their website.
  • January 11 2012
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Thanks for the update. Good program!
  • January 12 2012
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Profile picture for Trspook
I am in the process of obtaining a house with this loan program. I will post outcome once it is final
  • March 01 2012
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This is a great loan program that can be used in rural areas. I have had lots of sucess with this for many clients. Would highley recommend !

There is also a great loan program called Neighborhood Stabilization Program for teachers,police and firefighters in the Atlanta area that is 100 percent financing that is wonderful!

  • March 02 2012
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