pickens: USDA Funding Update - H.R 4899 Has Been Signed Into Law
- 08/06/10 03:15 PM
Early last week, the House of Representatives passed an emergency supplemental appropriations bill. That bill includes a provision to both reform and restart the USDA (Rural Housing Service) single-family guarantee program. President Obama signed the measure H.R. 4899 on July 29th making it law. The presidential signing was expected to happen without any resistance. This measure covers a variety of topics, including $34.7 billion in funding for the wars in Iraq and Afghanistan. There are provisions for other international and domestic government programs as well. The Gulf oil spill received $275 million in funding. Specifically, the RHS provision gives the Agriculture (0 comments)
pickens: USDA 100% Financing
- 11/22/09 06:09 AM
The USDA program is still offering 100% financing. There are income & geographic limitations (see links below). Here are some highlights of the program that you should be aware of: Borrower is not required to be a first-time homebuyer No minimum borrower cash contribution Maximum 100% LTV based on appraised value (102% LTV including the 2% Guarantee Fee financed in) Seller contribution typically limited to 6% (may cover closing costs & pre-paids) 30 Yr Fixed Rate No Monthly Mortgage Insurance is required No borrower reserve requirement In-ground swimming pools are permitted only if the appraiser give no value to it Chap (2 comments)