I think the old saying goes if you are not familiar with something you do not offer it. I wanted to re-emphasize the importance of the USDA loan right now...They are awesome...here are some myths
It is for low income people - Incorrect I just closed a loan for a couple that made 90k a year...they had young children day care and we were able to back that out
It is for VERY rural areas - Incorrect almost all areas outside the main metro areas are eligible.
Hard loan to close - Very easy loan to close no major inspections needed unless Appraiser says that something needs to be looked at
102% of the APPRAISED VALUE - 2% funding fee is paid for out of the 2% over appraisal
NO LIMIT ON SELLER CONTRIBUTIONS
620 MINIMUM CREDIT SCORE
No MORTGAGE INSURANCE
Regular 30 yr fixed Market Rates
41% debt ratio is the norm but can be exceeded with compensating factors.
This is a Great Loan no money down and we should all be doing alot more of these, it is far superior to FHA with the NO MI portion. Just another tool for you to think about. HAVE A GREAT WEEK!