Today I closed on a home located at 985 Wineberry in Moss Bluff, LA which was a For Sale by Owner home. Yes REALTORS can sell a For Sale By Owner home if the Seller is willing to do what is known as a "One Time Listing" in Louisiana and pay the REALTOR commission.
These happy new home owners are not only first time home buyers they are also newlyweds!
Many young couples and first time homeowners have been able to purchase a home that would not be possible without 100% Rural Development financing
Beginning October 1, 2012 Moss Bluff LA will no longer be an eligible area for Rural Development Loans
In Southwest Louisiana 100% USDA Financing (Rural Development) is an extremely popular home loan.
A rural development loan is a 30 year fixed mortgage guaranteed by the US Department of Agriculture (USDA) which allows homeowners to purchase a home with no down payment, and in some cases, it even allows the closing costs to be financed into the loan. The loans are intended to target low to moderate income borrowers that want to live in USDA targeted areas. The Federal Government guarantees the lender up to 90 percent of the loan against losses if there is a default on the loan, thus enticing lenders to do the loans.
While the rural development loans may target rural areas, their definition of a rural area is probably larger than what most people consider rural.
The current eligible areas which qualify for Rural Development in Calcasieu Parish is all of Moss Bluff, Westlake, & Iowa In addition, south of Gauthier Road in Lake Charles and areas south of I-10 in Sulphur also qualify.
However, (Moss Bluff will cease to qualify as an eligible rural development area on October 1, 2012)
Moss Bluff Home Sellers should also take note of this change. Removing Moss Bluff from Rural Development eligibility could also affect Moss Bluff home sellers because it will decrease the number of qualified home buyers who need to purchase a home with 100% financing in Moss Bluff.
If you have been considering a home purchase in Moss Bluff and need 100% financing get under contract NOW before October 1, 2012.