Special offer

USDA Helps People Buy Homes in Washington State

By
Mortgage and Lending with Evergreen Home Loans

Yes you can buy a home with the help of a USDA Home Loan.

This year in Washington State program usage is up 220%.  In the last 12 months Rural Development has invested more than $57,887,371 to help over 319 families obtain affordable home loans.

As mortgage lenders are forced to limit available credit and tighten eligibility criteria, USDA wants you know they still have affordable options available if you want to own a home.  The Loan-Guarantee allows lenders to offer zero-down fixed rate loans backed by the USDA.   

There is still hope out there for people who do not have 20 percent to put down on a conventional loan.  The mortgage industry is tightening its belt but USDA has not changed anything.  They have funding available and they really want to help Rural Americans get into a home of their own. 

The USDA Home Loan offers:

  • No Down Payment
  • No Monthly Mortgage Insurance
  • Lower Monthly Payments
  • Cash Reserves Not Required
  • Closing Costs Can Be Financed
  • or Paid By Seller
  • Flexible Credit Guidelines

Cheryl Orr is a Loan Consultant with Evergreen Home Loans in Washington State and has been offering USDA Home Loans since 1996.  For more information you can visit: USDAhomeloaninfo.com

Comments (10)

Gerry Suarez Jr.
New American Funding NMLS 6606 - Orlando, FL
FL Mortgage Guru

Great Post Cheryl, and it's staggering to see how much RD actually funds. Keep writing those deals!

Gerry Suarez, Jr.

Your HUD Loan Pro!

Jul 02, 2008 11:52 PM
Cheryl Orr
Evergreen Home Loans - Everett, WA

 Thanks Gerry - I knew application volume was up for this program but had no idea 220%.  Nationwide that figure is 70%.  USDA is definitely making it's way into the mainstream.  Taking 3 USDA applications today and 1 on Sunday!!   

Jul 03, 2008 03:19 AM
Paul Dunn
Tucson, AZ
former orginator

Great job Cheryl.  Keep writing those USDA Rural Home Loans up there in sunny Washington!

Paul Dunn
Arizona USDA Rural Home Loans
Tucson's #1 FHA Loan Expert

Jul 24, 2008 02:57 AM
Cheryl Orr
Evergreen Home Loans - Everett, WA

Thanks Paul - It has actually been sunny here in Washington!  As you know you have been a great help to me and I truly appreciate it.  How did the baseball tournament go?

Jul 24, 2008 04:30 AM
Ron Brown NMLS #270845
NMLS ID: 40831 - Federal Way, WA

Cheryl,

I've been amazed at what these programs are capable of helping with.  Many of us are "late to the party" on this one, but its been a fantastic tool for me down here in Puyallup.  With the possibility of losing DAP for FHA loans, this is a great alternative.  I can see a day coming when VA home loans, and USDA Rural home loans will be the only 100% programs left on the table.

Ron Brown

Puyallup VA & FHA Loan Specialist

First Mortgage Company of Washington

Jul 24, 2008 04:51 AM
Cheryl Orr
Evergreen Home Loans - Everett, WA

Ron, 

USDA Loans have been the main source of my business for a very long time.  We were doing USDA Loans before all of the other 100% Financing Options came along.   Since the demise of the other programs business has definitely increased for us.  

Cheryl 

Jul 24, 2008 05:49 AM
Ron Withers ----Retired Mortgage Professional
Kissimmee, FL

Cheryl,

Great numbers! Where did you access your info and I would like the check on Florida stats?  Paul Dunn, AR member in Tucson, Az says Arizona usage is up by 475%.....awesome!

Jul 27, 2008 12:16 AM
Cheryl Orr
Evergreen Home Loans - Everett, WA

Ron,

I have a great relationship with USDA office here in Washington.  I tend to bug them about all kinds of things and they are very willing to share information.  Contact your USDA office in Florida - they should be able to provide those numbers.  They also have brochures and yard signs you can offer to your Realtors who have listings in USDA areas. 

Jul 27, 2008 03:33 AM
Ron Withers ----Retired Mortgage Professional
Kissimmee, FL

Cheryl,

Thanks and good luck. Interesting day.  USDA Realtor call from Missouri and consumer in Ohio.

Jul 27, 2008 06:47 AM
Reno Loan Guy
FHA 203K & Homestyle Renovation Expert - Atlanta, GA

USDA Loans are great for this market. We love that product down South.

 

Jonathan Blackwell

Georgia, Alabama, & Tennessee USDA Expert

Oct 06, 2008 02:37 AM