Are they out of money to lend?
Not yet. Â However, USDA has announced that they anticipate that they will have exhausted their source of funds by the end of April, 2010. Â It is possible that they will get more funding, but it is not for sure.
Why are USDA Rural Housing loans so popular? Â Here are just a few reasons:
– They are true no money down loans.
– No monthly mortgage insurance.
– The seller can pay the buyer’s closing costs.
– They allow for credit scores as low as 620.
– 30 year fixed rates are available
– Where else can you get a $0 down loan in today’s market?
Sounds great, right? Â What’s the catch?
There’s no catch, but you need to know a few things about qualifying.
– They are only for the areas that USDA considers “rural.” Â Want to know what addresses and towns qualify? Â Get an address and check it out here.
USDA Property Qualification link
-- You need to be under the maximum household income allowed. Â You can check that here. USDA Income Limits
– The income limits are for the whole household, not just the people on the loan.
So, Â is the USDA Â Out of Money , or just low on funding? Â They are still lending, so if you want to take advantage of this, give me a call at 602.373.5202 Â They anticipate that they will exhaust their funding before the end of April, 2010
