Please give information about USDA rural development loans.

These loans are available in all states in certain areas defined as eligible.  0% down, no mortgage insurance, many advantages.  Maximum income restricted.  Sound great.  Are they?
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October 18 2009 - Thurmont
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Answers (3)

USDA-RD Loans work much like an FHA Loan.  There is:
NO Money Down needed
NO Required Sellers Concessions
NO Monthly Mortgage Insurance required
NO Pre-Payment Penalties or Recaptures involved.
Typically, Buyers need a 620+ FICO/Credit Score.  Scores of 580 to 619 are made on exception.
Income Limits do apply.  Seller can pay closing costs.  The property in question MUST be in an eligible lending area.  The funds used for closing costs can be a gift to the borrower(s).  Only Single-family and condominium OWNER OCCUPIED properties are eligible for this lending program.
For further information regarding the availability of this lending program in the property area under consideration, please contact your lender or write.
Best of luck moving forward with your upcoming transaction ...
Gene Mundt, Chicago Bancorp
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October 19 2009
Nice hat, Bama Fan?
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October 19 2009
The Rural Development loan program is a great program for the population base that it serves.  Both the property and the borrower must qualify (can;t make too much money, or have too much in savings - and can't have terrible credit).

To determine if the property qualifies, visit: 

http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=sfp&NavKey=property@11

The RD program allows an upfront MIP of 2% which can be financed into the loan, which makes it significantly less expensive than FHA.
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October 19 2009
 
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