As stated in one of my earlier post, the area approved for Rural Development or RD Loans was expanded after the hurricanes to included parts of East Baton Rouge parish. However, what I was not aware of until recently was that this included parts of actual Baton Rouge! If the home is located in the unincorporated areas of Baton Rouge than it is eligible for this 100% loan. Each address will need to be checked to verify whether it falls outside of the city limits but as an example, most of the Shenandoah area and large sections of the Perkins Road area qualify!
What are the advantages of a Rural Development (RD) Loan?:
- 100% financing
- No PMI or MIP
- Closing cost may be added to the loan up to appraised value and there are no limits on seller contributions
- Don't have to be a first time home buyer
- Condos are allowed
- Gift letters are allowed, you can use a gift for you down payment or closing cost
- Manually underwritten, more leninet on credit
Like all good things, RD availability in East Baton Rouge Parish is coming QUICKLY to an end! Rural Development Loans will no longer be available in EBR after September 30,2008. If you or anyone you know is interested in purchasing a town home,condo or house in East Baton Rouge parish and are not working with a REALTOR please give Shannon Sims a call a today! You can reach Shanon at (225)296-7723 or at shannon@judyburkett.com.
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