I am considering applying for one, as the proiperty next door to our house qualifies for the rural development type loan, and I think I would qualify for 100% financing on it..curious how long the process takes, and what is involved...
Starting Score: EQ 581,NO TU
Your first step would be to check this site http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do to see if your income qualifies you for either the direct loan or guaranteed loan. If you qualify for the direct loan, your loan comes directly from the USDA. You can find your local office and apply through them. If you only qualify for the guaranteed loan, your best bet is to contact your local office via email and ask for a list of lenders in your area that service these types of loans. The basic difference between direct and guaranteed is that direct loans are approved and serviced by the USDA; your monthly mortgage payments are made to them. In the guaranteed version, your loan is serviced by Wells Fargo, for example, and you make your monthly mortgage payments to them. Should you default on this loan, the government will pay Wells Fargo for the loan.
