Financing in Waldorf>Question Details

Ashley, Home Buyer in 20748

I would like to get a USDA 100% rural financing loan today. Can anyone help me w/this?

Asked by Ashley, 20748 Sat Mar 20, 2010

I need someone who can do a USDA Guaranteed Home Loan. I would like to buy asap.

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15
Ashley,
Rural development does have money, but the house you buy has to qualify for the loan. That means that it has to be in a rural area. Without knowing where you want to buy a house it is difficult, but I am confused anyway because we answered these questions months ago, so I do not know if you are asking again or not. In the 20748 zip code I do not think there are areas where USDA could lend, but in Charles County there are plenty of places.
0 votes Thank Flag Link Mon Sep 6, 2010
Hi Ashley - The Rural Development program has money again. If you still need a lender let me know.
0 votes Thank Flag Link Mon Sep 6, 2010
Bob is right, you can NOT use borrowed funds as part as your own 3.5% investment for FHA

USDA is pretty much out of funds so I wouldn't even try it
0 votes Thank Flag Link Mon Mar 22, 2010
Hi Ashley,

Try Fred Glick
Fred@fredglick.com

Good luck!

Hannah Fliegel
The Credit Repair Expert
415-999-9348
0 votes Thank Flag Link Mon Mar 22, 2010
Ashley - I have a program that will cost you NO money out of pocket. To much to explain here. Please call me at 443 624 0689 or email JGay@1stmarinerbank.com and I will go over it with you. Thanks

Jeff
0 votes Thank Flag Link Sat Mar 20, 2010
A gift can not be "borrowed".
0 votes Thank Flag Link Sat Mar 20, 2010
Ashely - FHA would be your best bet, as others have said funds for the USDA program are scheduled to run out, my bank has cancelled the program. FHA requires 3.5% down payment, all of which can be a gift. In order to qualify for the first time homebuyer tax credit, you must be under contract by April 30.

On a 300,000 property, 3.5% downpayment would be $10,500. If you could borrow the money from a family member, then receive the $8000 tax credit (note: estimates to receive the tax credit are about 16 weeks after filing your amended tax returns, nice thing is they pay you interest on the money though).

In essence, if you are under contract by April 30, can get a loan or gift from the family member, and then receive the tax credit you are almost buying with no money down. Please feel free to contact me if you would like me to run some numbers for you. 301.585.RATE (7283)
0 votes Thank Flag Link Sat Mar 20, 2010
Hi. I'd be blessed to help you. I have an outstanding expirenced loan officer who'd be happy to assist you with your loan.please give a call. Thanks.
Carlos.
ReMax 100
3013993519.
0 votes Thank Flag Link Sat Mar 20, 2010
Ashley as others have stated USDA is out of money. Unless Congress comes up with some more money for the Department of Agriculature then you need to wait till October, which is the beginning of the government's fiscal year, before funding is restored. if you want to buy before the tax credit expires you should go FHA. If you don't have the 3.5% down you can always borrower the money against your 401k or a family member.

Or don't forget the P.G. County is offering up to $60k - that's right $60k - in down payment and closing cost help if you are considered low to middle income and want to buy a foreclosed home. Your contribution into the transacton only is $1k. Call me on Monday at 410.552.5912 if you want learn more about P.G. County down payment assitance program.
0 votes Thank Flag Link Sat Mar 20, 2010
As a few have mentioned, USDA is almost out of money and not accepting any more applications. You may want to consider a FHA loan, which only requires 3.5% down payment.
0 votes Thank Flag Link Sat Mar 20, 2010
USDA otherwise known as a farmers home loan or rural development loan is close to running out of money {if they already have not}. There are restrictions as to the location of the property you are considering purchasing. Waldorf would not qualify as it is not rural enough. I would call Craig Gough with 1st Mariner Mortgage at 3013995630. He will be able to give you all the answers to your questions including other alternative financing resources in case USDA has run out of funds.
0 votes Thank Flag Link Sat Mar 20, 2010
Unfortunately USDA money has run out. They are not accepting any more applications for loans.
If I can be of service in Waldorf, please check out my web site.
Web Reference: http://www.GerriRoss.com
0 votes Thank Flag Link Sat Mar 20, 2010
Sure we can - we have done dozens of them - just give me a call at 301-893-6207

Bill
Web Reference: http://www.billwootan.com
0 votes Thank Flag Link Sat Mar 20, 2010
Bad news Ashley. The USDA has run out of money and is not currently funding new loans. You will have to wait until the next round of funding (not sure when that will happen).

I would start working with a lender any way, so you will be prepared when the time comes.
0 votes Thank Flag Link Sat Mar 20, 2010
Chase offers them. Why not try dealing directly with them. They do not broker loans. You could find a direct lender who deals with Chase's correspondent lending division too.
0 votes Thank Flag Link Sat Mar 20, 2010
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