USDA Loans

Real Estate Agent with Windermere K-2 Realty LLC

We have all been hearing a lot about this Loan Program lately.  It seems every offer I get nowadays requests a USDA loan and I thought it would be great if we all had a little more information about these types of loans, especially since they are allowable loans in Grant County and Moses Lake.

The USDA is a guaranteed loan program that can offer buyers 100% loans much like the 80/20 loans of the past.  This is a government backed loan program that has no private mortgage insurance requirement and has more flexible qualifying guidelines that allow more people to affordably purchase their homes.  There are also no maximum loan amounts on these loans like the FHA guidelines have.

One of the first requirements that these loans have is that the property must be purchased in a eligible property area.  Second is that you must meet certain income eligibility requirements, there are lower credit scores allowable on this program as well.  Be aware however that your closing costs can be more with this loan as they take the mortgage insurance premiums and charge them at the beginning of the loan instead of throughout the loan.  Lenders however will let you finance this fee if you need to.

If you would like more information on USDA loans and how they can help you get into a home feel free to call at 509-760-7733.

Posted by

                   Heather Adkinson  509-760-7733               

Realtor, ABR, CNE, RCC

Windermere K-2 Realty LLC

Moses Lake, WA, 98837


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Debi Braulik - Maple Valley, WA
Selling Maple Valley to Fife WA Homes For Sale

Do you do many USDA loans? We have them in our area too but they haven't been used much. We seem to see them popping up more and more though. I plan to find out as much as I can about them.

Feb 23, 2010 07:24 AM
Gerry Suarez Jr.
New American Funding NMLS 6606 - Orlando, FL
FL Mortgage Guru


Great post on a great and still little known program. I encourage you to post this to our Active Rain USDA group and join too. There is some great info on USDA there all the time!

Gerry Suarez, Jr.

Your FHA Loan Pro!

Feb 23, 2010 07:31 AM
Steven L. Smith
King of the House Home Inspection, Inc. - Bellingham, WA
Bellingham WA Home Inspector


I did a re-inspection on a USDA loan. It was kind of nuts really. They had taken the initial report and some of the things that were totally minor they wanted fixed. For example, they wanted a bath sink popup drain to go up and down which I had casually mentioned as it not working. It was plain silly.

Feb 23, 2010 02:53 PM
John Cannata
214-728-0449 - Frisco, TX
Texas Home Mortgage - Purchase or Refinance

USDA is a great option for borrowers that do not have a solid down payment. Great information for your readers.

Feb 25, 2010 01:41 PM
Kevin Pierce
Cascade Builder Services - Tacoma, WA
New Construction Warranty Management

I've been hearing more and more about these loans lately with builder we work with.  Great info.  Thanks!

Jun 07, 2010 02:32 PM
Phil Leng
Retired - Kirkland, WA
Phil Leng - Retired

Hi Heather,

Nice blog!

I have never done a USDA loan, and most of our area is not eligible.

So it was very interesting for me to fin d out more about it.



Sep 02, 2010 06:32 PM