100% Rural Housing Loans for Northwest MS

By
Real Estate Agent with Bob Leigh & Assoc., LLC

100% Rural Housing Loans for Northwest MS
by Pam Simpson
The Kudzu VineUSDA Rural Development

The US Department of Agriculture may not the first place
you think of when it comes to mortgage loans, but they administer one of the best mortgage loans for a good portion of Northwest MS.  The USDA Rural Development Guaranteed Housing Loan is a loan made available for low -to-moderate income individuals and families throughout many portions of the U.S.

In Desoto and Tate counties of Northwest MS, the maximum income limits are as follows: 

Family of 1

2

3

4

$49,550

$56,600

$63,700

$70,750

If you pay child care expenses, that can be factored into these numbers so the income limits could actually be higher.

Here are a few of the reasons why the USDA Rural Development Guaranteed Loan is so good:

100% Loan - No Down payment Required
2% Up-Front Mortgage Insurance Premium can be financed into the loan
No additional ongoing monthly insurance premium
No post-closing Cash Reserves are required
No first-time home buyer restriction
No maximum loan limit
No limit on seller contributions
Flexible Credit and Qualifying guidelines
Competitive 30-yr. fixed interest rate
Repairs may be eligible to be financed into the loan

The USDA Rural Development Guaranteed Loan is only available in certain areas.  This is determined by population.  For Northwest MS, this means that homes in the city of Southaven are excluded.  However, portions of Horn Lake and Olive Branch as well as Walls, Hernando and all of Tate County are included.

 See the USDA Rural Housing website for more details.  They have a couple of great tools on their site including an income eligibility calculator and a property eligibility map.
_____________________________________________________________________________________________

FOR BUYERS:  Buying a Foreclosure, Finding a Home, Loan Info, Tax Credit, Interest Rates

FOR SELLERS:  Pricing, Selling Tips   

LOCAL COMMUNITY INFO:  Tate County Community, Memphis Community, Southaven Community

MARKET REPORTS:  Foreclosure Report, Hernando MS Report, Olive Branch MS Report, Tate County MS Report

REALTOR STUFF:  NAR, Real Estate and Media, Real Estate Agents

OTHER:  Rural Life, Breast Cancer Awareness, Angel Food Ministries, Property Rights, Auctions

 About the author:

Pam Simpson is a Broker-Associate with Bob Leigh & Associates, LLC in Northwest Mississippi. 
Copyright© 2008 By Pam Simpson, All Rights Reserved...**100% Rural Housing Loans for Northwest MS**

Disclaimer:  All information provided by this author is based on information collected from several sources and is believed accurate but not guaranteed.

 

Posted by

            

Bookmark and Share

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Location:
Mississippi Tate County
Groups:
North Mississippi Community Forum
Mississippi Real Estate Professionals
Tags:
usda
hernando
rural development
100 loan
desoto county
loan info
tate county
northwest mississippi

Spam prevention
Show All Comments
Rainmaker
107,837
Doug Capps
Guaranty Bank & Trust Co - Hernando, MS
MMS, CLO, CRMS

Hey Pam,

Other than VA,,, USDA is one of my favorite loan programs and it is a VERY flexible!  I have even closed clients that couldn't even get approved through FHA program!  

As a matter of fact, I just closed 2 USDA loans that were USDA loans "DENIED" by other lenders.  I received one of the from the loan officer friend of mine and closed it in 8 days.  The other one came from the buyer's agent and will be closing tomorrow (10/31).  Both were GOOD loans!

Because of the fall of 100% conventional loans (and subprime), the USDA loan program has been gaining popularity.  It's pretty sad though that a lot of homeowner's "missed" out on this program!!! 

This is something I'm planning to write a BLOG about. 

Oct 30, 2008 09:13 AM #1
Rainer
5,668
Christina Vagnini
Eagle Nationwide Mortgage Company - Summerville, SC
Senior Loan Officer, SC

This is a great loan program and something we are starting to see more of here in SC.

Oct 31, 2008 05:03 AM #2
Rainmaker
116,152
Pam Simpson
Bob Leigh & Assoc., LLC - Senatobia, MS
GRI, Broker-Assoc.

Doug - Thanks for the great comments.  I have always liked this loan.  It's funny that some areas qualify that you don't think of as rural.  

Christina - Yes, it is a great program, but I find that most of the general public has never heard about it.  We need to get the word out!

Oct 31, 2008 05:47 AM #3
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
116,152

Pam Simpson

GRI, Broker-Assoc.
Ask me a question
*
*
*
*
Spam prevention

Additional Information