Today the USDA announced it regular allocation of funding had been credited is now available for use. These are the funds that can be used to guarantee refinance loans (you can only refinance a current Rural Development loan) and homes with pools.
Remember pools still require a special exception t be approved. If the appraised value of the home doesn't exceed the purchase price by the value given to the pool, your buyer would have to pay the difference. Talk to a knowledgeable RD lender for more details.
Also, if you are considering purchasing a home and using the RD program do know demand has skyrocketed. If funding is again exhausted later this year you may be forced by some lenders to wait until new funds are allocated. With the first time buyer's tax credit expiring after Nov. 30, 2009 that's a risk not worth taking!
Gerry Suarez, Jr.
Your FHA Loan Pro!
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