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USDA and Rural Housing Direct Loans
There is a great article in Sunday January 11, 2009 Oregonian by Connie Potter that talks about USDA and Rural Housing Direct Loans. Both programs are offered by the USDA and are geared toward helping people into home ownership in rural areas of Oregon. Your clients do not need to have money for a down payment. Here are some key points of the article:
USDA's Guaranteed Rural Home Loans are meant for "middle America" The loans originate with an approved lender but have a loan guarantee from USDA that protects the lender from the risk of loan loss. Borrowers don't have to have a perfect credit score to qualify. There are limits on household income. A family of five can make up to $84,300.00. Loans are available for new or existing homes, town homes and condos. New manufactured homes are eligible if they are purchased through an approved under certain rules.
Closing costs and necessary repairs can be financed into the loan, up to 100 percent of appraised value.
Rural Housing Direct Loans are available for low and very low income households. There are specific limits and a maximum loan amount for different areas.
With direct loans the mortgage payments are subsidized based ... more
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