and then of course make sure your lender is qualified to do the Rural Housing loans (because they can also check for you).
You can also have your agent check for you with the Listing Agent, to make sure that there isn't some type of ineligibility issue with the property that would make it impossible to obtain the USDA loan, but usually if there is, the Listing Agent should add those to the Agent Only Remarks section of the TREND listing, so that your real estate agent should already be able to tell you that.
And of course, the final eligibility issue would be personal - you need to make sure that you personally qualify for the USDA loan as regards income, etc.
If you need more help with any of this, don't hesitate to contact me. You can reach me via e-mail or my cell phone, which is 610-207-0172.
As the others have said, USDA should be a possibility. However, new incentives and programs come to this "buyer's market" every day. It sure sounds like you are researching your choices and I always feel an informed consumer gets the best deal. We can sit down and go over your information as well as your goals and see what the newest programs are and GO SHOPPING for your new home.
My cell is 610-781-3988 or email email@example.com
You can use this website to determine elibibility. If the property qualifes you can get a USDA loan.
If you have any questions I'd be happy to help.
Visit me on Facebook: http://www.facebook.com/ChadTheMortgageManView my blog: http://www.trulia.com/blog/themortgageman/Chad E. Bahnsen- Mortgage Professional
Mortgage Network, Inc.
14 E. Stratford Ave Ste 3C
Lansdowne, PA 19050
Office: 610 622-2212
E-mail: firstname.lastname@example.org NMLS # 127719
First you need to verify that the property address falls in the rural housing area by address.
Then you need to con-tact a rural housing lender to check if you qualify personally for this type of loan.
And, if the seller will allow this type of financing from a buyer. Rural housing loans require an inspection of the property similar to FHA loans. If the home is a typical fixer/upper and the seller doesn't want to invest any further money in the home to repair items that the inspector may require to bring it up to their standards, then it may not qualify for rural housing. Good luck!
Century 21 Park Road
610-378-0471 or cell 484-269-0171
Once you have checked (or had your lender check) that the property is eligible, you then need to make sure that you qualify for a USDA loan. Also give yourself a little extrra time for closing as USDA has reduced their staff and are taking their time to approve loans.
Cornerstone Lending Inc
Southampton Pa 18966
215 953 0800
cell 267 992 7276
VOTED BEST IN BUCKS 2010
NMLS ID 143960
(And if your lender isn't qualified to do USDA loans, drop me a quick e-mail and I'll give you the names of a couple of great local lenders who are qualified to offer them.)
Best of luck with your purchase!
We are eligible for this loan, we did check and meet the requirements on the website. Our real estate agent never mentioned this type of loan to us so I'm thinking maybe he isn't qualified to do them, we will be checking with him tomorrow.