rural: If You Are Thinkin' $8000 and USDA Home Loans... 1 Word - "HURRY!"
- 08/24/09 11:42 AM
We are seeing many customers purchasing in our area using the USDA Home Loan - Rural Development Program. It does not require that you purchase a farm, although it does restrict the purchase to more rural areas. In the Triangle, meaning Wake, Franklin, Durham, Orange, Johnston and Harnett Counties - we have several USDA Offices. Why would you care where the USDA Offices are? Because, unlike ANY OTHER LOAN PROGRAM, USDA Home Loans must be "re-underwritten" by the folks at the office assigned for your county. No switching to an office that might not be as busy... you go to the … (3 comments)
rural: USDA Home Loan Underwriting Updates
- 07/15/09 02:54 AM
USDA is quickly becoming one of the Country's most popular mortgage loan programs, and with that, the USDA Rural Development Offices are getting backlogged! USDA Home Loans are 100% (plus) mortgages - for more information about the program click here. Because of this increase in volume, there have been several recent AN (Adminsitrative Announcements) from them regarding documentation types, and clarification of guidelines. Gift funds are allowed with USDA Home Loans, however gift funds are not considered as cash reserves, or as a compensating factor. Gift Funds may be used for closings costs, voluntary downpayment, and to cover the guarantee fees, however … (3 comments)
We are seeing many customers purchasing in our area using the USDA Home Loan - Rural Development Program. It does not require that you purchase a farm, although it does restrict the purchase to more rural areas. In the Triangle, meaning Wake, Franklin, Durham, Orange, Johnston and Harnett Counties - we have several USDA Offices.
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