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Prosper, Texas home buyers: USDA 0-down loans are back!

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Real Estate Agent with RE/MAX Dallas Suburbs: Prosper, Texas

USDA IS BACK!

According to my loan officer friends, USDA didn't have funding for making new loans for a while, but USDA is back.  As a reminder, this is a ZERO down payment loan for stimulating growth in designated rural properties. Prosper, Texas is within the geographic mapping boundaries of the USDA government loan program.  Also included in the boundary are Oak Point, Little Elm, Denton County unincorporated land in Frisco (Wynnwood Haven on Lewisville Lake is one of those areas), Savannah, Providence Village, Lakewood Village and part of The Colony.  The USDA has increased the up-front mortgage insurance fee, called a Guarantee Fee, from 2% to 3.5%.  Since that is financed it will not change the cash to close.

The following increases will occur in the monthly payment as a result of this financing change:
Sales price $100,000:  +$8
Sales price $200,000:  +$16

There are lending rules for utilizing USDA, as there are for any home mortgage product.  For more information on this loan program, and others, visit http://www.texasrealestate.com and work with a real estate agent who holds a TAHS (Texas Affordable Housing Specialist).  This is a great loan product and has added many residential rooftops to our community.  The mapping is subject to change, so it starts with finding a home, and confirming inclusion within the boundaries. 

Have a blessed day!

Ronda

 

Posted by

Ronda Allen - Realtor

Certified Purchasing Manager - C.P.M.

Short Sale and Foreclosure Resource - SFR

Texas Affordable Housing Specialist - TAHS

CEO of comingsoonhomes.com since 1995

RE/MAX Dallas Suburbs

#1 Office for RE/MAX in the North Texas region 2009!

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