Here in Southern Oregon, we have a lot of rural property areas that are eligible forthe USDA Guaranteed Rural Housing program. This is a great No Down Payment required program that instead of paying expensive mortgage insurance premiums like the Conventional Fannie Mae and Freddie Mac or the FHA program has, there is a one time "guarantee fee" which may be financed. Whenever I sit down with a buyer to compare programs they are eligible for, the USDA Guaranteed Rural Housing Program wins hands down every time with lower overall cash out of pocket and annual percentage rate! The caveat is (you knew there had to be one, right?) in Jackson County Oregon, most property within the Urban Growth Boundaries of the City of Medford and the City of Central Point are ineligible. But many buyers are looking at Ashland, Talent, Phoenix, Jacksonville, White City, Eagle Point, Shady Cove, and have been able to qualify using the USDA Guarantee Rural Housing with no money down.
The USDA Guaranteed Rural Housing program now has new income guidelines effective with applications taken on or after April 20, 2009:
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As of April 20th, the income limits for all non-high cost counties will be: 1-4 Person
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5-8 Person
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73,600
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97,150
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These income guidelines help a lot more people qualify for the USDA Guaranteed Rural Housing program here in Southern Oregon. What are you waiting for?
Want to buy in Medford, but haven't been able to save a down payment? Funding has been approved for the City of Medford's down payment assistance program and serious buyers are beginning to get prepared to be qualified and find a home that qualifies for this down payment assistance. This down payment assistance program requires Homebuyer Education, like the class being held at Rogue Community College and put on by ACCESS/Southern Oregon Housing Resource Center. Look for me tomorrow as the instructor of the ABC's of Mortgages.
With demand and sales activity picking up here in Southern Oregon, these funds will probably be allocated quickly. Heard the saying "the early bird gets the worm"? I'm working with some early birds right now!
Not enough to get you off the fence? How about the Economic Stimulus package's first time home buyer tax credit. Will that motivate you to buy a home and close before December 1, 2009 when the tax credit is set to sunset?
Back I go to helping home buyers interested in these many opportunities! See you at the closing table!
Karen Cooper - OR/CA Mortgage Consultant - www.Quality4Loans.com
Karen Cooper - Oregon|California Mortgage Consultant - www.Quality4Loans.com
NMLS #223305, CA DRE #01180222
Providing high Quality, Professional, Ethical service to Oregon and California home buyers and owners since 1983.
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this is good news. If we could just get medford and central point included.....