Sunday, November 7, 2010

Approval from FED for USDA/Rural Housing loans

The federal government has finally given the go ahead for approved lenders to begin funding USDA/Rural Housing loans. Here are a few benefits of USDA/Rural Housing Loans:

* Zero Down payment required which drastically reduces the amount needed to close and allows more buyers to be eligible for the program.
* Closing costs and prepaids can be financed if supported by appraised value so buyers with limited assets can still qualify.
* Assumable with prior approval. Re-sales of the property may be more affordable and homeowners with assumable mortgages have more marketable homes.
* Rural properties are eligible. It makes home financing easier and more available in outlying communities.

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