Home Buying in Cincinnati>Question Details

J. Robb, Home Buyer in Cincinnati, OH

What are the rural areas around Cincinnati, Ohio, where Rural Housing Loans would apply?

Asked by J. Robb, Cincinnati, OH Thu Mar 25, 2010

I want to know about the 0% down loans. Are they for owner-occupied homes only?

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Funding cycles are re-appropriated annually according to the state budgetary process. Even though funding may be currently available and ending in March the cycle will appropriate again. I am also a seasoned loan broker for the past 13 years. I would be more than happy to discuss those funding cycles with you and have you speak with one of our Ohio loan officer's about the topic.
0 votes Thank Flag Link Sat Mar 27, 2010
TJ when I talked to a LO at 5/3 today they could still close them as long as the contract can in before the end of March and the customer was in their system with a preapproval.
Web Reference: http://www.Find1Home.com
0 votes Thank Flag Link Fri Mar 26, 2010
I think that program,funds are dry.
Web Reference: http://tjrobertsrealtor.com
0 votes Thank Flag Link Fri Mar 26, 2010
J Robb USDA RD loans are available only for owner occupants and you can not have a loan on another property at the time. You need to hurry if you want to take advantage of an USDA loan right now as they are running low on funds.
USDA guidelines for areas change every year. It all depends on how much of the area is zoned agricultural and the population of the city. I have some clients using USDA right now to purchase a home in Trenton and 6 weeks ago I had clients that used USDA and got a check at closing for 1000.00. You can not get more back that you have in the transaction but they will look at even your home inspection in figuring how much you have in the transaction.

By the way how is it going with your neighbor? Are the friends still there?
Web Reference: http://www.Find1Home.com
0 votes Thank Flag Link Fri Mar 26, 2010
Rural Development Loans (USDA) are based upon income and property location. To learn more about the USDA Rural Housing Program you can visit the website attached. To mention an areas specifically is often too broad and can result in some inaccuracies. I would suggest that you take the particular property address that you are interested in buying or viewing and enter the information into the website. The website will tell you whether or not the address qualifies for the USDA Rural Housing Loan. I also suggest doing this for smaller cities, towns and outlying areas. Often I am surprised at which addresses do qualify for funding.

Another stipulation for USDA loans is that they are funded out of a pool of money available in your state. Locate your states funding cycle and inquire with your loan officer as to whether funds are available or not. Different USDA funds and funding sources can vary and a good loan officer can indicate that to you directly. Over the years I have closed several Rural Housing transactions and find them to be very beneficial to clients.

Search instructions:

#1 - Basic information - go to site, go to programs - single family housing.

#2 - Ohio Income Limit chart - go to site, click accept, income eligibility, click direct, click Ohio or any other state.

#3 - Study the loan program features.

If you have any questions, feel free to call me or email and I will help you.
Web Reference: http://www.rurdev.usda.gov/
0 votes Thank Flag Link Thu Mar 25, 2010
Rural Development loans are only for owner occupied properties and they are still available in areas such as Ross, Seven Mile, Trenton, Monroe, Lebanon, Morrow, Mainville, Batavia. These areas will be reevaluated later this year after the census is completed because guidelines are based on old population results. There are also income guidelines that you must meet in order to qualify for RD programs.

Please feel free to contact me if you have any more questions.

Justin Sexton
Keller Williams Associate Partners
513-907-1822
justinTsexton@gmail.com
0 votes Thank Flag Link Thu Mar 25, 2010
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