Do You Know About USDA 100% Loans?

JAR's-
As you know, as of Oct. 1st, Ameridream-type seller contribution loans will be history. Most 100% loans are going the way of the dinosaurs. These are unpopular with some b/c of a fear of over-inflating home values to artificial levels and having people in homes with no vested money.
That being said, many of us have found them very useful.


Now that they are gone, some options remain. I'll pass along details from time to time on new or overlooked options.
1st- the USDA Rural Housing Loan.

• A buyer can borrow up to 102% of the appraised value
  
• NO PMI
  
• Eligibility is location of property and income limits
  

YOU'D BE SURPRISED AT HOW MANY HOMES IN THE SUBURBS (especially new subdivisions) QUALIFY

Go here:USDA Websitefor links to look at the Property Eligibity and Income limits for our area. There is a map (click on "Single Family Housing" under "Property Eligibility".

Good luck and ask your Lender about it! IT CAN BE USEFUL and I Understand it is Increasing in popularity daily!