Thought all the 100% loans had disappeared? They haven't! Ready to buy a home but not sure you will qualify due to lack of a down payment? A USDA Rural Development Mortgage may be the solution for you! The USDA Rural Development loan is a 100%, NO DOWN PAYMENT, NO Monthly Mortgage Insurance loan - and it's NOT just for First Time Home Buyers. USDA Rural Development has partnered with local lenders to help them extend 100% financing to rural individuals and families.
The major benefits to the USDA Rural Development loan are:
It is a 100% mortgage that is government guaranteed with the loan-to-value based on the APPRAISED value.
There is no down payment and no minimum contribution required.
Assistance options, such as gift funds, grants and seller concessions are allowed. 
No mortgage insurance is required, which means you may qualify for a larger loan.
No reserves are required.
It is 30 year fixed rate loan.
You can use a LOCAL Lender if they are USDA approved.
Interest rates are low - this is not a sub-prime mortgage.
There are flexible credit and qulaifying guidelines.
No maximum purchase price limit.
This is not a subsidy loan so there is no recapture (meaning you don't have to pay back some of your future gains).
Other advantages include:
Closing costs can come from any source including gifts and there are no limits on seller concessions or gifts.
Repairs and improvements can be included in the loan.
There are competitive 30-year fixed rates.
Some of the eligibility criteria are: You must occupy the property as your primary residence.
You must be a U.S. citizen, a U.S. non-citizen national or a "qualified alien".
Provide evidence of stable and dependable income for repayment ability.
Have a credit history that indicates a willingness to meet your obligations.
Have an adjusted household income that is within Rural Development guidelines based on the number of persons who will occupy the home.
Purchase a residential property that is located in a Rural Development eligible area.
To get started and check your eligibility, go to USDA Rural Development. Here you can determine if the property you are looking at is within the Rural Development eligible area. Columbia Gorge real estate eligible for the loans are "stick-built" (some NEW manufactured homes may qualify) properties for sale in Wasco, Hood River and Sherman Counties in Oregon and Skamania and Klickitat Counties in Washington, inlcuding the cities of The Dalles and Hood River.
Use the links for Single Family Housing under Property Eligibility, Income Eligibility and Income Limits on the left side of the page to see if you and the property will qualify. Then, set up an appointment with the mortgage lender of your choice for your pre-approval determination. Look for a Loan Officer with experience in Government loans.
In The Dalles, Oregon, these are some of the Lenders who offer the Rural Development Loans:
Westcorp Mortgage Group, Mike Kilkenny 541-296-0013 and Jim Bishop 541-296-0016.
Columbia Gorge Mortgage Team, Michael Leash 541-298-8326
Turn Key Mortgage, Heidi Gustafson 541-298-6739
If you have any questions, contact your local Rural Development office. That number in The Dalles Oregon is 541-298-8559. The Rural Development guaranteed loan program has assisted thousands of customers just like you. Tell your mortgage lender you want the USDA Rural Development Guaranteed Housing Loan!
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