USDA has announced some positive changes coming in October 2016. USDA or Rural Housing is a great product offering 100% financing on properties in certain census tracts. There are income limits and the property cannot be lavish. All household income is counted even if there is only one occupant on the loan. So, you need to know the guidelines. It is a great product for someone with little down payment money.
EFFECTIVE IN OCTOBER 2016 THE UP FRONT FUNDING FEE WILL DROP TO 1%. Currently it is at 2.75%. The up front fee is added right onto … (7 comments)
usda: UPDATE TO NORTHERN KY USDA RURAL HOUSING ELIGIBLE AREAS
- 09/28/12 10:59 AM
UPDATE TO NORTHERN KY USDA RURAL HOUSING ELIGIBLE AREAS GOOD NEWS! Although at the moment it is temporary! USDA announced it will delay the changes in eligible areas deemed necessary due to the 2010 Census.
USDA has decided to delay implementation of the new areas until March 27, 2013. There is some activity in Washington to extend this delay further, even to the next census period, but even a six month reprieve is welcome. Two areas in Northern Ky that would have been affected next month are Independence and Burlington. Both of these markets have been historically good areas to … (0 comments)
NOTICE TO NORTHERN KENTUCKY HOME BUYERS AND REAl ESTATE AGENTS: EFFECTIVE 10/01/2012 NORTHERN KENTUCKY COMMUNITIES OF INDEPENDENCE AND BURLINGTON WILL NO LONGER BE ELIGIBLE FOR RURAL HOUSING (RHS) MORTGAGES. This change is due to the 2010 census showing an increase in population in these areas. For most of us who live in Northern Kentucky we have not considered most of Independence and a good bit of Burlington "rural" for some time with the new subdivisions over the last 10 years. USDA RHS offers zero down loans, which has been effective in populating these areas I'm … (0 comments)
USDA CHANGES COMING IN OCTOBER 2016
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