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USDA 100% Oregon Rural Guarantee Program Changes
May 12th, 2010 | 
Author: 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 previously. According to our underwriting deparment, this is from USDA and they expect the actual rule to be in place by Memorial Day. In the meantime, they will be offering conditional commitments.
This is good news, in that an increase in funding fee is much more favorable than the elimination, or at least the suspension, of the program completely.
USDA Guaranteed Rural Home Loans are 100% financing (the 3.5% is actually financed) for homes located outside of the urban growth boundaries of the major metropolitan areas in Oregon. For instance, homes in Cottage Grove, Creswell, Veneta, Junction City, Oakridge, Westfir, Walton are some of the areas in Lane County that qualify.
There are income limits for the Guaranteed Home loan. You can find them here. However, the income limits are quite liberal and many people can qualify for the loan and not have to come up with the down payment.
A word of warning, USDA does not make farm loans. They are used mainly for small towns and cities and do not work well with large acreages and outbuildings. Don’t expect to purchase a 20 acre parcel with a horse barn using USDA funds, it won’t happen.
Contact Me
If you have been thinking about buying a home using the USDA Guarantee program in Lane County, I am standing by ready to help you with the process. You can always call or e-mail to find out what is happening today with the program or check on the Get Started tab above. I am at Alpine Mortgage Planning, 1200 Executive Pkwy., Ste. 100, Eugene OR 97401. Call me today at 541-342-7576/541-221-3455 or send me an e-mail to discuss options.
Posted in USDA Zero Down | 
Tags: Oregon 100% Rural Loans, Oregon No Money Down, USDA Rural Guaranteed Mortgage Loan | 
2 Comments »
USDA OREGON Income Limits up for 2009
The Oregon USDA Rural Guaranteed Home Loan limits have been raised for 2009. Now, home buyers with higher incomes can qualify for a USDA Rural Guaranteed Home Loan in Oregon. This USDA home purchase program is one of the very few No Money Down Payment programs available. The USDA Rural Guaranteed Mortgage Loan has lower monthly payments than an Oregon FHA Mortgage Loan because it has no mortgage insurance. Be sure and check the chart to have the confidence that your income is within the Oregon USDA Rural Guaranteed Mortgage Income Limits for 2009.
Lane County has a loan limit of $73,600 for a family of up to 4, as does the majority of the state. Only the Corvallis and Portland metro areas have a higher income limit. Take a look at the USDA Rural Guaranteed Home Loan qualifying section, because even if your income is higher than the stated limit, there are certain adjustments to income that may be able to help you qualify for an Oregon USDA Rural Guaranteed Home Loan.
Oregon USDA Rural Home Loan Income Limits for 2009:
| 4 Person | 8 Person | |
| Bend OR MSA | $ 73,600 | $ 97,150 |
| Corvallis OR MSA | $ 81,450 | $107,500 |
| Eugene-Springfield OR MSA | $ 73,600 | $ 97,150 |
| Medford OR MSA | $ 73,600 | $ 97,150 |
| Portland-Vancouver-Beaverton OR-WA MSA | $ 80,500 | $106,250 |
| Salem OR MSA | $ 73,600 | $ 97,150 |
| All Other OR Counties | $ 73,600 | $ 97,150 |
* ADD 8% OF 1-4 PERSON LIMIT FOR EACH PERSON IN EXCESS OF 8 PERSONS – MSA stands for Metropolitan Service Area
** MODERATE INCOME IS DEFINED AS THE GREATER OF 115% OF THE U.S. MEDIAN FAMILY INCOME OR THE AVG OF THE STATE-WIDE AND STATE NON-METRO MEDIAN FAMILY INCOMES OR 115/80THS OF THE AREA LOW-INCOME LIMIT
Call me at 541-342-7576/541-221-3455 Cell or e-mail at eugeneloanguy@gmail.com for more information. Or fill out the contact form below.
Fred Chamberlin