$10 Billion ( yes, that’s a billion with B) The USDA has already used 25% for “purchase transactions” that have been on HOLD since 1/9/2009. When “dust” settles, money will be released for refis. Not every community qualifies-but if it does, it’s the best thing since sliced bread
Here’s a link to check counties http://eligibility.sc.egov.usd.gov .
Check with your lender and see if they offer this program-most of them do but never seem to mention it!
Buyer Qualifications Highlights
• No Down Payment
• 30 year fixed rate
• 102% LTV (100% plus 2% guarantee fee)
• Finance Closing Costs If Appraisal Is Higher Than Sales Contract
• No Mortgage Insurance
• No cash contribution required from borrower.
• Income Limits (by county)
• Unrestricted gifts, no need to document source.
• No Maximum Loan Amount
• No Cash Reserve Requirements
Property Qualification Highlights
Existing Home
New Construction
New Manufactured Homes
Modular Homes
Condos & Town homes (Must be approved projects)
Prohibited Loan Purposes
• Co-signors not residing in the household
• In-ground swimming pools
• Construction draws
• Furniture and personal property
• Income producing property
• Non-essential buildings and land
• Previously occupied manufactured homes
Let me know if this was helpful information.
