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USDA Loans - The Rural Housing Loan - The Basics
The following entry is courtesy of Jeff Belonger of Cherry Hill NJ, a nationally respected expert on all aspects of mortgage lending. Please visit Jeff's website http://www.fhaloansfhamortgages.com, there you will find a virtual treasure chest of mortgage information.
USDA loans in many areas are becoming more popular, yet many loan officers still don't know much about them, hence why they still aren't talked about much. Just as FHA loansweren't used as much as they should have from 2000 - 2006, because subprime and some conventional loans were easier for the loan officer to give to the consumer, even though it might not have been the best loan for them. I am sure in some cases, FHA loans are given before the USDA loan because of the lack of education on the loan officers part.... just my .02.
Some great benefits that USDA loans offer -
It's one of only two types of mortgages that offer real 100% financing, with no money down on the property. The other would be VA loans. Just because it says rural development doesn't mean farm land or properties that are miles apart from each other. Ask your loan officer if your property that you ... more
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