Financing in 19320>Question Details

Ruth Parker, Real Estate Pro in Exton, PA

Is the USDA 100% financing loan still available with no pmi in Coatesville's rural areas?

Asked by Ruth Parker, Exton, PA Wed Jan 11, 2012

I heard the "no pmi" part of the USDA loan expired or changed last September. Has it renewed?

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Help the community by answering this question:


The No-Money-Down Loan option is available to home buyers and through the United States Department of Agriculture (USDA), for the Rural Devevlopment Housing Loan these safe and secure loans allow:
100% of the purchase price, $0 down.
Non-traditional trade lines.
Qualifying with no cash reserves or seasoning requirements!
Unlimited seller concessions.
Fixed Interest Rates.
Both new and existing homes.
No maximum loan amount.
0 votes Thank Flag Link Fri Jun 14, 2013
is the usda loan still available in nj
0 votes Thank Flag Link Sun Nov 11, 2012
Kim, I apologize if I came off a bit rough as it was not my intended purpose. I am here to help and the last thing I would want to do is make belittle anyone for a mistake. Lord knows I make my share.

Actually all I work with is realtors and that is my preference. I have made a lot of friends over the years working with agents and enjoy working as a team with them.

If I ever have anyone in PA looking for a home I would be more than happy to have them look you up. Take care a have a great day!
0 votes Thank Flag Link Wed Jan 11, 2012
Thank you Mr. Elliot Olivia for your corrections. The loans my clients received closed one month before you claim the changes were made...... I would never pretend that I knew better, only I know what my clients had to do to secure the loan and I would ONLY refer them to a qualified lender........ So, if anyone out there needs information about a great lender in the area that makes these loans, feel free to call me and I will send you their way. And by the way, I do think Mr. Olivia, as a lender in this business that has to deal with Real estate agents might not like real estate agents too much,I think that his response to me kinda proves that one.....Obviuosly, I did not see your response posted before I posted mine.... thanks for the update and the even better information.
0 votes Thank Flag Link Wed Jan 11, 2012
Kim, you are dead wrong on that so please contact a lender familiar with the program so you can stay up to date with loan programs. The information you posted is outdated to say the least and is an example of why real estate agents should not be quoting lender guidelines. Don't mean to be rude but please do not share inaccurate information.

The fees I listed are accurate and is what has been in place since October 1st 2011. Here is a link to the Administrative Notice directly from the USDA that came out last year outlining the fees:

If your lender is not able to provide you with up to date information please feel free to contact me and I will be happy to get you up to speed. Thank you.

Elliott R. Oliva
NMLS #353884
Mortgage Banker
Primary Residential Mortgage, Inc.
202-681-1636 direct
0 votes Thank Flag Link Wed Jan 11, 2012
Hi Ruth:
There is plenty of opportunity to find a home that will qualify for an USDA Loan in Coatesville and all over Chester County. THere is a great website you can go to to check and make sure that the property you are interested in would qualify. There are plenty of areas to search. If you have any questions, feel free to contact me and I will be glad to send you in the right direction. I had one client in the Valley Township buy a fantastic home last summer and one up in the Pottstown area as well. Both used the USDA program. There is no pmi with the usda loan but there is an up front fee of 3.5% that can be included if you do not pay that up front. This is a great opportunity to purchase a wonderful home with little or no money down. Feel free to call me at 484-678-9151 and I can share more...... all the best, Kim Esposito
Weichert, Realtors, Paoli
0 votes Thank Flag Link Wed Jan 11, 2012
It's not PMI since there is no 3rd party insuring the loan outside of USDA's guarantee. USDA issues a guarantee on the loan as long as it meets certain requirements and there are 2 fees for that.

The guarantee fee of 2% at closing that can also be financed into the loan up 102% LTV.

The other fee which some may call "PMI" is an annual fee of .30% of the remaining principal balance that comes out to $450 per year on a $150,000 loan. That comes out to 37.50 added to the payment.

That fee is to help fund the program since every year the program runs out of funds and we have to wait for the clowns in congress to approve funding for it.
0 votes Thank Flag Link Wed Jan 11, 2012
Yes it is. I have a listing in Downingtown that is approved for the USDA 100% financing loan. Check out 750 Creek Rd. in Downingtown. $169,000.
Web Reference:
0 votes Thank Flag Link Wed Jan 11, 2012
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