who is saying anything about trying to "SNEAK" anything thru. This is not 2001, this is 2012 where everything is reviewed many times.
You are talking to the wrong person about anything like that! But there are other options including a 90/10 / 100% CLTV loan offered by a bank in FL with NO PMI and No Funding fee.
I somewhat recently closed a 100% USDA purchase for a borrower 12 into a CH. 13 BK, on a $272,000 sales price on a home with a POOL!!
I'm not kidding either!
All the lenders have different Overlays. Just have to work with one who will be flexible.
contact me if the property is in FL and is over 100k purchase price
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La Rosa Realty
I agree with the previous answers. I have not heard of this restriction before. Best bet is to check with the loan officer you were pre-approved with. You also want to make sure the home is in a USDA qualified area. To check to see if the area is a qualified area, and to find out more information about USDA loans you can go to: http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do If you have any other questions please don't hesitate to contact me.
Ryan Ford P.A. Realtor
Watson Realty Corp