Second Chance for USDA Rural Development Loans?

Considered to be one of the only remaining options for 100% home financing, the USDA Rural Development Loan has recently been targeted as a dying commodity.  In fact, just last month the USDA reported that the funding for their Guaranteed Loan Program would likely be exhausted by the end of April.  This was unfortunate news, considering that while they aren't necessarily for everyone in DFW, these loans provided many people on the outskirts of the Metroplex with an option for 0% down payment and no mortgage insurance. Fortunately, though, there may be new life being breathed into the program as we speak.  Just earlier this week, Shelley Moore Capito (R-W.Va) introduced a new bill that would keep the Rural Housing loan guarantee program afloat, at least for a little while.  Capito, who is the Ranking Republican Member of the House Financial Services Subcommittee on Housing and Community Opportunity, introduced the legislation (called H.R. 5003, The Rural Housing Improvement Act) to the House Financial Services Committee on Wednesday.  The bill is being introduced in an effort to ensure that responsible families in rural communities continue to have access to the credit market ...

USDA Rural Development Loans Offer 100% Financing For Surrounding Areas of DFW

Over the past several years, the Government and the Mortgage Industry as a whole has continuously tightened the rules and regulations when it comes to buying a home.  It has gotten to the point where even people with stellar credit and a solid borrowing history still need a hefty down payment before they can purchase a new house. Fortunately though, there is a new program available from the United States Department of Agriculture that offers 100% financing for people that live (or are looking to live) in rural areas. Why would they do this?  Is it too good to be true?  Well, long story short, the government offers the option of “zero money down” so that people who live in rural areas (who may have always been renters) can finally have access to affordable mortgages. Consequently, this type of loan is often the best scenario for people who live in the country and want to find a place they can call home.  Another amazing feature of this loan is that 100% of repairs that ...