Just when we were waiting any day for the announcement that the USDA Rural program was out of funds... the Legistlature goes to work to get them back in there!
We still need an official vote but the Financial Services Committee approved it unanimously.
If you are not familiar with the USDA Rural loan, it is a zero-down loan program with no mortgage insurance primary for first time, low-to-moderate-income home buyers buying homes in rural/outlying areas. It's a great program for those who qualify and the income caps have been raised recently to make it available to more home buyers (which is one of the reasons why they were running out of money).
Here's a link to theligibility information on the Washington USDA Web site: http://www.rurdev.usda.gov/wa/Housing.htm. The links on the left take you to the property eligibility tool and the income eligibility guidelines.
Sometimes the site is a little challenging to navigate, feel free to give me a call for assistance.
Now we can always hope they're also working on extending the tax credit, but I for one am not going to hold my breath and I'm advising my buyers follow suit...
7 days left on the tax credit and more to come on USDA Rural!
Thanks for reading -- James Wirth
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