The New Rural Housing (USDA) Guidelines – the Fall 2011 edition

by Jeremy on August 29, 2011

Dan Green at The Mortgage Reports wrote a post this morning that talks about the new USDA guidelines for 100% mortgage loans, and I want to repost it here, because (a) I have two USDA loans going with Dan right now and his team is fantastic, and also because (b) he references Blacksburg VA and that’s kind of cool.  Oh, and (c) because 100% loans are still available in some areas of the New River Valley.

USDA loans, or Section 502 loans, are designed to provide borrowers 100% financing when they purchase real estate in USDA-eligible areas, and you can find out whether your home loan is USDA-eligible here.  In the New River Valley, Blacksburg is the only community that is not USDA-eligible, while areas like Radford and Christiansburg are.

From Dan’s post:

  • USDA loans cannot be used to purchase a vacation home. They are good for primary residences only.
  • Both first-time buyers, and repeat buyers, are eligible for USDA 100% financing.
  • A Seller can pay closing costs on behalf of a Purchaser under the USDA program. See what closing costs in Virginia look like here.
  • Self-employed individuals are eligible for 100% USDA financing.
As with anything, particularly government-funded programs, there are a number of variances involved with the USDA mortgage loan program, but read Dan’s post here as you begin your research.
The information here is valid now, Fall 2011, but is not guaranteed later.  The federal government reserves the right to change things, and often.

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