This page will give you recent information from my preferred lender that will keep you updated and informed on the latest programs you may or may not be aware of. Please call me today if you have any questions on these or other loan programs.
Rural Development Funding Now Available
Under the American Recovery And Reinvestment Act of 2009 (Recovery Act), funding for Rural Development’s Single Family housing Guaranteed Loan Program is now available for fiscal year 2009. Approximately $10 billion in purchase funds are now available.
- Owner Occupied only
- Buyer can use this program with $0 down
- Upfront USDA Guarantee fee of 2% financed into the loan
- Conventional product all fees negotiable
- Income restrictions apply
- Location restrictions to be considered Rural by population (see site below)
- Up to 102% financing of the appraised value
- No monthly MI
- Close of escrow 45-60 days from fully executed contract
- Up to 6% seller concession
· Home owner counseling may be needed
Final approval by USDA
See the website below to search properties:
http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do