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My LO called today and said that USDA? had a new mortgage out today that had 100 percent financing and no mortgage insurance if you lived in a rural area. She also said you would be surprised at what they considered rural? LOL..we couldn't talk much more but did anyone else hear about it?
Not sure about "new" but USDA has had their direct and guaranteed rural development loan programs for a while now. Both are 100% (actually up to 102% - instead of PMI, they have a one time funding fee of 2% of the purchase price) financing.
http://www.rurdev.usda.gov/ for info about the program (go to state offices then navigate to your state for specifics in your area)
http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?NavKey=home@1 to check your income eligibility and eligibility on the property you're considering
Oh, neat. Your LO has a new loan to practice on..... Are you going to be the guinee pig?
This has been around.
Yes, you would be surprised at what is rural. It also has income restrictions.
I was the "guinea pig" recently in an FHA loan, and it was very detrimental to my whole process.
It concens me that your LO is referring to this as "new". I would research this to death, and then prepare a list of basic and not so basic questions about it, because if I had asked more questions from the get-go, I would be a happy girl right now instead of seriously sweating my rate. While I am closing faster that I would have with Lender A, in waiting to switch lenders, and the amount of time it took Lender A to strike a few keys and transfer to Lender B, my rate went up significantly.
Another clue, if it seems too good to be true, it probably is.
It might work for you, and I don't mean to be negative. Just make sure you and your LO are speaking the same language and that you are informed.
Lisa
It is definitely something to consider if you qualify. We are checking out the direct as well as the guaranteed right now. I have researched them both quite extensively, and it seems to be a fantastic option. We are looking to buy about 20 miles out of the BIG city.
We are finally homeowners!!
Closed May 5th-30 yr fixed at 5.25%.
This is probably the very best loan available for high LTV scenarios. Again you and the property must qualify.
If it is a match it is a greaqt program NO MI and competitive rates
Brian