USDA Loan Program Post Falls

USDA Loan Program Post Falls

The USDA Rural development Loan Program is a great opportunity for first time home buyers. The definition of a first time home buyer, "Someone that has never owned a home or someone that hasn't owned a home in the last three years."

Up to 115% of median income is allowed. Check out the limits for your area on the USDA site.

The USDA loan as per the Rural Development Housing website has no down payment requirements. That's what I said, "NO DOWN PAYMENT REQUIREMENTS!" Which means that this can be a zero down loan. You can therefore purchase a house with no money, that is if you have an exceptable credit score a job that allows you to qualify and the RIGHT REAL ESTATE AGENT NEGOTIATING ON YOUR BEHALF.

The guidlines state that housing must be modest in:

• size
• design
• and cost

in addition a home can be:

• new construction
• a pre-owned home / a resale home
• or a rehabed home

and must adhere to national building codes and standards.

Manufactured homes can qualify only if:

• new
• permanently installed
• and meets HUD Manufactured Housing Construction & Safety Standards
• as well as HCFP Thermal & Site Standards

Pre-existing manufactured homes are not allowed unless the home is an REO (Real Estate Owned / a bank foreclosure) that originally met the USDA guidlines and had a direct or guaranteed loan previously in place.

I specialize in helping first time home buyers. Call me to help guide you through the process and to find a lender that is approved to fund USDA loans.

• There are direct loans
• USDA loans through approved lenders

Call to find out the difference.

A WORD OF CAUTION: I have been made aware of an approved lender that tacks on extra fees (so be careful) and use an experienced real estate agent to help you, follow your gut! If a lender tries to tell you the following then you are in this final category of unscrupulous lenders:

• beware of a lender that says - don't talk to any other lenders because it will lower your FICO score.
• beware of a lender that says - you must use my agent because any other agent will mess up the process.
• beware of a lender that says - you must come to my qualifying class (you can take the educatoion online without them - FOR FREE)
• beware of a lender that - is condescending, bullying and treats you poorly (choose a lender that is patient and comes from a desire to teach)