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)