Rural Housing was a fantastic loan program that gave 100% Financing with no PMI to qualified buyer and homes. The government just sent out info that funding is drying up. So a lot of banks in my area decided to just stop offering the program because they did not want to get to the end and rural housing decline any loans. I believe it will end in June. My prediction is that they will bring the program back after funding begins again. When you are in a rural area this loan really helps especially if they are a first time buyer with no money down. Hope this helps some if you have not heard the latest news
Show All Comments
Sort:
Victory Realty, first time home buyer, foreclosure - Mount Juliet, TN
First Time Home Buyers, Foreclosure, Luxury
Joe Mortgage - Precision Mortgage Inc. - Phoenix, AZ
Joe Mortgage Team
This is good to know. I think a lot of borrowers will get burned by this as the funds will be gone or the banks will stop the program before they buy. By the way I like how you gave yourself props - lol
Mar 23, 2010 05:41 AM
Keller Williams Realty - Dripping Springs, TX
Associate Broker, ABR,CNE,CRS,ePro,PSA,RENE,SRS
Mar 23, 2010 05:46 AM
Keller Williams Realty-Abilene - Abilene, TX
Alot of buyers are benefiting from this USDA Rural Loan and it would be a pitty if the program ended. It has been one way for people that otherwise would not be able to buy a home because of the large down payment have become loyal homeowners.
Mar 23, 2010 05:51 AM
HomeSmart Realty West - San Diego, CA
Realtor & CDPE, Mission Valley specialist
I don't think anyone should get 100% financing. In fact, I think that all home buyers, bar none, should be required to put at least 10% down, and no amount of refinancing should ever use that 10%. It's called home equity, and it creates pride of ownership so that people will be inclined to take care of their homes and not walk away from them.
Apr 18, 2010 06:11 AM
Rainmaker
27,698
27,698
Billy Studstill
First Time Home Buyers, Foreclosure, Luxury
Comments(5)