No Money Down OR & CA

Archive for the ‘USDA Zero Down’ Category

USDA announced the official change in program guidelines for the 100% USDA Rural Guaranteed Home Loans officially raising the up front fee to 3.5% Read More

I cannot find this in any news reports or on the USDA website, but since we are told by underwriting that this is so, it is. Any new submissions for a USDA Guaranteed Rural Home Loan must be manually underwritten and have a 3.5% guarantee fee instead of the 2% guarantee fee currently (until today) in place. Read More

As I reported last month, USDA said they would be out of funding for the Rural Guaranteed Home Loan Program, probably in April. Monday, the House Financial Services Committed voted unanimously to send the Rural Housing Preservation and Stabilization Act of 2010 to the full House for vote. This could mean that no money down rural loans will be available for the areas outside of Eugene/Springfield with no break in the home purchase program. Read More

The United States Department of Agriculture (USDA) recently announced that program funding for the Single Family Housing Guaranteed Loan Program will likely be exhausted by April. This will have major effect on all Lane County Rural applications. The USDA normally runs out of money near the start of their new fiscal year and have issued Conditional Commitments on loans approved prior to more funding being received. Read More

Up until recently, USDA allowed a streamline refinance on Oregon USDA loans for a simple interest rate reduction. That changed in January and refinance of a USDA loan to a new USDA loan in Oregon now requires a complete application, including appraisal to refinance the balance to a lower interest rate. This change will make it more difficult for those owing more than the property value to take advantage of today’s interest rates. Read More