USDA 100% Rural Guaranteed Loan
8:25 am in USDA, home improvement, increasing value to home, mortgage, purchase by Rich Dansereau
The United States Department of Agriculture may not seem like a vehicle for home loans but as Fred Chamberlin explains in another excellent and informative post, utilizing the often overlooked USDA mortgage programs can be a real benefit to many prospective home buyers. Though Fred primarily discusses the use of USDA loans in Oregon and the Pacific Northwest, these loans are available in most parts of the United States.
Via Fred Chamberlin – Eugene/Springfield’s #1 Experienced FHA Mortgage Consultant:
The USDA Rural Guaranteed Loan Program is an exceptional vehicle for first time home buyers who often times have trouble coming up with the down payment. The credit crunch keeps some home buyers sidelined because of credit problems, many others with good or adequate credit are able to purchase real estate and get best deals in years, including mortgage programs with no down payment like this! Large portions of Lane County qualify for this program.
This loan program is available right now for Florence, Veneta, Junction City, Cottage Grove, Creswell, Oakridge, Westfir, Swiss Home and Pleasant Hill. The credit guidelines are quite liberal and more people can qualify that may think they can.
To qualify for the program (it is income limited), a family of four cannot have a total household income of more than $70,750 per year. That is a pretty liberal guideline. After Jan. 1, a family of 1-4 qualifies with the same income. Larger families have much higher income limits.
If you are interested in property in this area and would like to see if the address falls within the USDA “footprint” click here.
So – THE TIME IS RIGHT! We have many properties on the market, we have MONEY TO LEND, and the Federal Government is giving First Time Homebuyers a $7500 tax credit if they purchase prior to next summer!
Visit Fred for more information on USDA mortgage loans in Lane County, and to see if your household income qualifies for this NO PMI (private mortgage insurance) loan check this link.
stated in a recent blog, Bob Briscoe, Eugene Planning and Development Department, announced to our Town Hall meeting that Eugene had recently received over $600,000 and Springfield over $300,000 under this program. The program is for owner occupied or non profit purchases only.
about the use of the funds will be for owner occupied purchases in targeted areas in both cities. 25% of the funds must be used for very low income housing and will probably be done through some of the non-profit organizations such as 
back to thinking that someone needs to set a few things straight on DPA. Now mind you, Carol is not one of those people that need to be set straight. The ones that need to be set straight are the people that are against DPA.
fighting along with a bunch of Realtors, Lenders, and others that think the DPA programs that are SELLER based program are helpful to people that need them. Yes, I will be the first to admit that people abuse these programs. It is like any programs that are out there. Give a person a little and they want a lot. It is the American way. And for those of you out there that think to yourself that you do not act that way, you need to wake up.I have been associated in the credit industy for over 20 years and I see it everyday. If the sale is 2 for a $1, you want it to be 3 for a $1.

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