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100% Financing still exists for rural areas

By South Austin Real Estate Blog

Real Estate Agent with Sky Realty South Austin

October 03, 2008 01:57 PM

An advertisement on the radio station this morning said. .. 100% financing is still available, even if you have poor credit... contact XYZ Finance Company for this USDA Loan.

I thought the ad was a bit misleading since USDA Loans are limited to certain areas in our locality... nothing in the ad addressed this.... USDA Loans are for underdeveloped areas, with small populations.

USDA Loans also have income caps, meaning, limited income but as the number of family members rise so does the dollar amount of the loan available. This varies with areas.

A link to the USDA Loan Website... where you can view loan amounts, look up an address and find a lender that is trained in these specialized loans.

http://www.usdaloanapproval.com/index.html

A USDA Guaranteed Loan is Government insured
100% purchase loan. These Loans are only
offered in rural area's.

If you would like to further check out the availability of a USDA Loan program give me a call and I can help you. Gail Tassey, Realtor, Keller Williams Realty, Austin Texas

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Robert Worthington

Worthington Realty - Manitowoc, WI

Wow, Gail I was unaware that there are still 100% financing loans available even if the government is backing these loans all the way. Good post, keep them coming thank you.

Oct 03, 2008 02:05 PM

Edward moloney

Edward Moloney Loan Officer GMH Mortgage Services - Holliston, MA

Loan Officer Providing 5 STAR SERVICE

These are great loans. Special underwritting. They do have a 2% upfront fee to the USDA. You may be suprised how many areas are considered rural. Also if your borrower has a good deal of assets they may be disqualified as well.

Oct 03, 2008 02:07 PM

Rich Mielke

REMAX Results, Frederick MD - Frederick, MD

REALTOR, Frederick Maryland Real Estate

USDA Rural is a great loan program, but as you say, there are restrictions by area.

Oct 03, 2008 02:20 PM

Stephen Kappre

KW Hometown - Mantua, NJ

Helping You Home

Restrictions yes, but in my area in NJ we have some of the more "wealthy" towns available for USDA, I presume because some of that town is still considered underdeveloped/rural? I don't know but in any case, it is a great loan.

Oct 03, 2008 02:32 PM

Ricki Eichler McCallum

CastNet Realty - Corpus Christi, TX

Broker,GRI,ABR, e-Pro, TAHS

We still have these available in our area. It is great for homeowners that otherwise could not buy a home.

Oct 03, 2008 02:33 PM

Garren Grup

John R. Wood REALTORS - Naples, FL

REALTOR, ABR, CNE,CDPE, GRI, Naples & Bonita Springs, FL

Actually they have 102% financing if the property appraises for more!

Oct 03, 2008 03:12 PM

real estate real estate

Providence, RI

Great information. Hope this can stay long while all other loans are gradually melting out.

Oct 03, 2008 11:45 PM

Tricia Jumonville

Bradfield Properties - Georgetown, TX

Texas REALTOR , Agent With Horse Sense

I love these - we have many areas here that were rural in 2000 (when the basis was decided - it's evidently done by census year) and are subdivisions now, so the homes do qualify as they were cow pastures back then!

Oct 05, 2008 02:29 PM

Betina Foreman

WJK Realty - Austin, TX

Realtor, C.N.E., with WJK REALTY

Dear Gail,

You would be surprised at whats classified as Rural. For example Cedar Park and Leander are still considered rural, and they are booming neighborhoods! Joan Gonzales a with Land Mortgage just sent out a newsletter on the USDA loans that are available to people choosing to buy in those neighborhoods. If you have clients that are interested, please call Joan at 512-554-7520.

Sincerely,

Betina Foreman, Realtor Austin Texas

Oct 21, 2008 05:51 AM

100% Financing still exists for rural areas

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