Home Buying in Destrehan>Question Details

Aaron Bush, Home Buyer in Metairie, LA

ANYONE CAN HELP? after doing some research, i came to a hault when looking into the rural development loan.

Asked by Aaron Bush, Metairie, LA Tue Jun 24, 2008

i was told there is no longer any funds available... how can you avoid pmi without a 20% done payment? any solutions...

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Answers

3
rural development loan have income restrictions, and unlike bond money, it hasnt run out

usually a middle class 2 income couple will make too much to qualify
0 votes Thank Flag Link Sat Jul 5, 2008
Rural Development loans (RD loans) are dictated by the local rural development office. You might want to contact them directly and ask if funds are still available for your area. http://www.rurdev.usda.gov/la/offices.htm

Otherwise, the only way of avoiding PMI at this time is to secure a VA loan -- which is only available to military personnel.

I know common rule of thumb is to try and avoid PMI - but as of 2007 it became tax deductible (just like home loan interest) and can often help out during income tax time.
0 votes Thank Flag Link Wed Jun 25, 2008
I am closing one this week, my mortgage company still has them.
realtorcraig@cox.net
0 votes Thank Flag Link Tue Jun 24, 2008
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