Thursday, August 27, 2009
Rural Development Home Loan
UPDATE: AS OF THIS DATE 3/29/2010 - THIS PROGRAM IS OUT OF FUNDS
Just had my first closing with a buyer using the Rural Development Home Loan program. She got 100% financing at 5.5% interest for 30 years. She even got her earnest money back at closing. No mortgage insurance. Very smooth.
If you are thinking about selling or buying a property $150,000 or less you might want to run the property address through the USDA website to see if it might be in a rural development area. You will be surprised how many will qualify!
It's a great option to be able to offer to a buyer - and most people don't even realize it is available.