100% Financing USDA Rural Development Loan The USDA Rural Development Loan is the only loan currently available offering 100% Financing. In addition, there is no PMI (Personal Mortgage Insurance) required which is typically required with other mortgage loans.
With the first time homebuyer credit apparently coming to an end. (You must be under contract by the end of April and close by the end of June as it stands today), the only other true draw for the real estate market is the 100% Financing USDA Rural Development Loan.
It has recently been announced that the funds for the USDA Rural Development Loan are running out and will be depleted by the end of April, 2010. While they may replenish the funds, it presently looks like they won't be available until November (if then).
The 100% Financing USDA Rural Development Loan is a well established program and has not been as popular recently because of the first time homebuyer tax credit. But...allowing both the USDA Rural Development Loan funds to run out and the tax credit to expire almost simultaneously could set the stage for a VERY SLOW buying season until fall.
To find out if property in your area qualifies the the 100% Financing USDA Rural Development Loan click on this link USDA.
Don't wait until your congressman can't help! Let them know today that we need their help!! Ask for the 100% Financing USDA Rural Development Loan funds to be replenished quickly. Contact your senator today! Click on the list to find your senator and their contact information. Your voice does matter!
Feel free to email me with any questions or comments!