Okay, right up front let's be clear about this
Rural Housing is not just about "rural" housing. The financing is available wherever the USDA says it is, and in many cases the eligible properties just aren't very rural, or not rural at all.
I'm actively involved in lending on both the east and west coast. On the east coast primarily in Indian River, St. Lucie, and Martin Counties. So let's take a little stroll down the USDA property eligibility map, available on their website.
Well, things look real good from Sebastian to Vero Beach, both east and west of 95. Lots & lots of eligible properties.
In Vero Beach, not so much, but west of 95 and south I see some eligible areas.
Ft. Pierce once again, not so much, but west of 95 looks like a possibility.
There's not a lot of options in St. Lucie, but check out Stuart and south of Stuart, looks like a target rich environment to me.
well; why USDA/Rural Housing, you may ask?
100% financing, and more
Seller can pay closing costs and prepaids
great fixed rates
and check out those MI costs...that's a 2% guarantee fee, and .4% annual
you don't need to be a first time homebuyer, but it's a great program for first time homebuyers
anything I need to know?
the program's not swimming pool friendly, no matter what USDA says.
and there are income guidelines, but they're really not to bad
Okay time to pay attention, and give this some thought.
If the upfront fee is 2% and the annual fee is .4% does a rural housing loan have a lower payment than FHA (even with no down payment)
remember now the FHA has an upfront fee of 1.75% and an annual fee of 1.35%
So is the Rural Housing payment less?
Yup...you do the numbers
and see if you can help make sure
the secret gets out
ps; especially to the potential homebuyers