Archive for the ‘USDA Zero Down’ Category

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

Recently I have seen examples of USDA Rural Guaranteed Mortgage Loans that were turned down by USDA for reasons that have not been an issue previously to my knowledge. What this points out is that with the increased interest in USDA Rural Guaranteed Mortgage Loans as one of the very few 100% financing options out there, the review process is getting stricter. So, if you are looking for a no money down loan, you should be prepared for the extra scrutiny during the process.  Read More

USDA and VA Loans Read More