TIME IS RUNNING OUT TO GET A USDA HOME LOAN IN LINCOLN, CALIFORNIA. The USDA Home Loan Program is designed for Rural Communities throughout the United States with limited populations. According to the 2010 US Census Report, the City of Lincoln’s population has grown from just over 10,000 to over 40,000 since the 2000 Census was reported. That population increase has eliminated Lincoln, along with several other California Cities, from the list of Rural Areas eligible for the program.
The GOOD NEWS is that you still have until October 1, 2012
to purchase a home, get approved and close escrow on your USDA Home Loan. Remember the loan must RECORD by October 1, 2012. Senate Bill 2375, if passed, could delay that deadline until October 1, 2013, but most lenders are preparing for the 2012 deadline.
Now what is so special about the USDA Home Loan Program? Some of the program highlights include:
· 100% Financing up to $417,000
· No Down Payment Required
· No First-Time Home-Buyer Requirements
· No Limit on Seller Contributions
· Gifts Allowable for Closing Costs
There are only a few restrictions for the USDA Loan. Those include being a U.S. Citizen or Legal Resident, having a minimum FICO Score of 620, and not exceeding household income limit of $86,400 for family size of 1 to 4 in Placer County. Property Eligibility is determined by Census Tract and you can go to the USDA Website to determine eligibility for your household income and the property you are considering.
Here is the website link:
http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do
More Good News!
If you currently have a USDA Guarantee Mortgage, you can refinance using our "Streamline" Refinance program with No Appraisal and Limited Documentation. USDA Direct Loans can also be refinanced with a bit more documentation.
So What Are You Waiting For?
Don't miss out on this limited opportunity to purchase a home in Lincoln with 100% Financing, a low interest rate and with the lowest home prices in years.
Call Me Today for a Free Pre-Approval. Call your Realtor to get started. If you don't have a Realtor, I will be happy to refer an expert in the Lincoln Area.
