Are you an Oregon Real Estate Broker whose buyer's financing has been affected by recent notifications that funding has been depleted for the 2009 allocation for the USDA Guaranteed Rural Housing program? Did you know that although many banks are just not funding these loans and waiting until funding is reallocated by Congress, there are still lenders who are continuing to just fund and close these loans without delay? They understand that this happens regularly, and funding will be reallocated eventually and they just keep closing these loans, doing business as usual.
Don't delay the closing of your escrow unnecessarily! You don't NEED to!
Not familiar with the USDA Guaranteed Rural Housing program? Here are some of its key features:
- 102% financing based on appraised value. If appraised value exceeds sales price, you can finance closing costs!
- No monthly mortgage insurance, pay only a one time guarantee fee of 2% that can finance above the appraised value (up to the 102%).
- You do not have to be a first time homebuyer.
- No minimum cash contribution from borrower. A true no money down program!
- Program allows seller to contribute up to 6% toward your closing costs
- 100% gifting is allowed if you have a family member wishing to help you out.
- Up to 10k in repairs can be financed (escrow holdback to be established) if you find a good deal on a foreclosure or short sale.
This program is meant to be used for rural properties. This does not mean only farm or ranch land, though. We have many eligible areas here in Southern Oregon, like Ashland, Talent, Phoenix, Jacksonville, White City, Eagle Point and Shady Cove.
See you at the closing table!
Karen Cooper - OR/CA Mortgage Consultant - www.Quality4Loans.com