USDA Loans in Monroe Washington is about to change. The changes go into affect on October 1st, 2013. This does not eliminate Monroe from the program, but it does reduce the area that buyers who want to use this financing program can buy in.
So, what is the USDA Loan program? My son refers to it as the Free Beef loan, but it has nothing to do with that. Well, it goes by many names.The full name is USDA Rural Development Guaranteed Housing Loan program (United States Department of Agriculture Rural Development). Now you see why there are so many abbreviated references for it. You may hear it referred to as Rural Development, USDA Mortgage Loan, Section 502 Loans, USDA Guaranteed Loan, USDA Home Mortgage. But it is most often referred to simply as a USDA Loan.
The program is designed to help home buyers realize their dream of home ownership. It is not only for First Time buyers, but for repeat buyers as well. It can be used to finance a wide array of properties from single-family homes to multi-family properties. These mortgages are backed by the U.S. government, similar to FHA or VA loans.
Why a USDA Loan?
The buyer can finance one hundred percent of the purchase price! There is a mortgage insurance premium, of which a portion is paid upfront, and a monthly premium is also paid. Not only does the buyer need to qualify, but the home also must qualify. Not all lenders offer USDA loans.
USDA Loans In Monroe Washington is about to change. Currently, the entire city of Monroe is covered in the program. As this program is designed to help development in rural areas, the center of Monroe has experienced tremendous growth over recent years. The area that is being removed from the program is in the valley. This still leaves a large area of Monroe still covered by the program.
If you are currently in the market to purchase a home in Monroe Washington, it is important to keep this in mind. Especially if the home you are interested in is a short sale, or is involved in bankruptcy. Those sales can take 3-6 months for approval. This can easily push out your closing date beyond the October 1st deadline.
If you are looking for USDA Loans in Monroe Washington, and are not able to take advantage of this program in the selected area by the deadline, there are still many great programs out there, so do not be discouraged.