Franklin Financial Group Blog USDA Rural Development Loans February 26th, 2010 12:06 PM Are you aware that the USDA Rural Development loan is one of the last remaining 100% purchase (no money down) loans left? If you are looking to purchase a home that is located in an eligible area, the USDA may possibly allow you to financing the entire purchase price. There are even provisions where you can finance more than the purchase price if the home appraises for higher than you are paying for it. Limitations apply for how much above the price you can borrow, but for example, you may be able to finance some appliances for the property as part of the deal. The Rural Development loan helps do what its name implies; develop rural areas. Surprisingly, homes located in an eligible area are not necessarily that far away from suburban areas. I am doing one of these loans right now and the property is located only about 15 minutes (driving time) outside of the I-275 loop around Cincinnati. Of course the closer you get to a metropolitan area, the harder it will be to find eligibile locations. If you are willing to drive a little farther to and from where you will live, this program may be something worth looking into. For more information you may want to visit the USDA Rural Development website: http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?NavKey=home@1 Posted by Kevin Ary, President (NMLS # 4599) on February 26th, 2010 12:06 PMPost a Comment (0) * Name: * Email Address: URL: Comment:         Type the characters you see in this picture, click "Submit" when finished.   This helps us prevent automated programs from posting comments and sending spam. * Name: * Email Address: Address: City: State: Zip:   This helps us prevent automated programs from creating bogus contacts and adding them to your contacts database.

Recent Posts: More on Financial Regulatory Reform Financial Regulatory Reform Bills Not the same Franklin Financial Group that is receiving bad press in Florida Mortgage brokers not out for the count Deadline approaching for 2010 Homebuyer Tax Credit USDA Rural Development Loans 2010 GFE Update 2010 New Good Faith Estimate Now In Effect 2010 RESPA Changes Are Mortgage Brokers Better Than Lenders or Mortgage Bankers? Archive: March 2007 The "Break Even Point" of No Closing Costs Loans or Mortgages Posted by Kevin Ary, President (NMLS # 4599) on March 6th, 2007 3:47 PM November 2009 Home Valuation Code of Conduct (HVCC) - It IS Costing Consumers! Posted by Kevin Ary, President (NMLS # 4599) on November 20th, 2009 9:08 AM RESPA changes to the Good Faith Estimate Posted by Kevin Ary, President (NMLS # 4599) on November 13th, 2009 9:20 AM September 2009 When Will Mortgage Rates Rise? Posted by Kevin Ary, President (NMLS # 4599) on September 25th, 2009 11:32 AM May 2009 Home Valuation Code of Conduct (HVCC) - It's going to cost consumers! Posted by Kevin Ary, President (NMLS # 4599) on May 8th, 2009 7:04 PM March 2009 Converting Second Mortgages into Investments Posted by Kevin Ary, President (NMLS # 4599) on March 13th, 2009 7:36 AM February 2009 Effects of Consumers of the Home Valuation Code of Conduct Posted by Kevin Ary, President (NMLS # 4599) on February 20th, 2009 9:10 AM January 2009 Refinancing into a lower rate and/or longer term mortgage Posted by Kevin Ary, President (NMLS # 4599) on January 23rd, 2009 3:22 PM December 2008 Government-Imposed Mortgage Rates of 4.5% Posted by Kevin Ary, President (NMLS # 4599) on December 19th, 2008 8:12 AM October 2008 Future of the Mortgage Industry Posted by Kevin Ary, President (NMLS # 4599) on October 3rd, 2008 9:07 AM July 2008 Should You Lock In Your Interest Rate or Float? Posted by Kevin Ary, President (NMLS # 4599) on July 11th, 2008 7:01 AM May 2008 Down Payment Required On Purchase Transactions Posted by Kevin Ary, President (NMLS # 4599) on May 18th, 2008 12:07 PM April 2008 Being "Above the Line" Posted by Kevin Ary, President (NMLS # 4599) on April 12th, 2008 6:56 AM Lending Integrity NAMB Member Posted by Kevin Ary, President (NMLS # 4599) on April 9th, 2008 3:11 AM February 2008 Identity Theft - It's not a matter of "IF" but a matter of "WHEN" it will happen to you. Posted by Kevin Ary, President (NMLS # 4599) on February 29th, 2008 7:50 AM The Fed Reduces Rates Twice in 30 Days Posted by Kevin Ary, President (NMLS # 4599) on February 4th, 2008 4:22 PM January 2008 2008 Starts Off With Some Activity Posted by Kevin Ary, President (NMLS # 4599) on January 16th, 2008 11:34 AM Consolidation/Merging of Lenders Continues Posted by Kevin Ary, President (NMLS # 4599) on January 11th, 2008 4:48 PM December 2007 Become Mortgage Free in Less Than Half the Time! Posted by Kevin Ary, President (NMLS # 4599) on December 19th, 2007 5:08 PM November 2007 Not everything is all Gloom and Doom! Posted by Kevin Ary, President (NMLS # 4599) on November 6th, 2007 3:00 PM September 2007 Mortgage Brokers services are extremely valuable during these tough times Posted by Kevin Ary, President (NMLS # 4599) on September 28th, 2007 12:41 AM August 2007 Mortgage Industry Going Through Dramatic Changes Posted by Kevin Ary, President (NMLS # 4599) on August 9th, 2007 11:51 AM June 2007 Becoming a Better Buyer Posted by Kevin Ary, President (NMLS # 4599) on June 4th, 2007 11:18 AM November 2009 (2) September 2009 (1) May 2009 (1) March 2009 (1) February 2009 (1) January 2009 (1) December 2008 (1) October 2008 (1) July 2008 (1) May 2008 (1) April 2008 (2) February 2008 (2) January 2008 (2) December 2007 (1) November 2007 (1) September 2007 (1) August 2007 (1) June 2007 (1) March 2007 (1) My Favorite Blogs: Sites That Link to This Blog: Huntsville Alabama Real Estate / Philip Winburn / Rosenblum Realty Inc. Judy Pipkin - Keller Williams Realty OurHouseForRent OwnerLand Realty

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