Farewell Nehemiah...What's next??

Asked by Ryan, 20110 Fri Jan 2, 2009

Seeing that this is a new year and the Nehemiah program has come to an end, is there any other programs out there for first time homebuyers when it comes to downpayment assistance?? My wife and I recently put in a contract within the Culpeper (22701) area and want to know our best options.

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Steve Jeppesen’s answer
Steve Jeppes…, , 34480
Mon Oct 26, 2009
100% financing is still available thru the USDA Rural Development. The seller can pay all your closing costs allowing you to buy a home with no money down. USDA Home Loans are the best option out there. Go here for your answers.







Web Reference:  http://www.USDAHomeLoans.biz
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Usdaloancent…, , 91401
Sun Jan 4, 2009
We also have a website that helps people get 100% financing. Please go to any one of the following pages to learn about USDA Rural Development loans.






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Dennis Smith, Agent, Carlsbad, CA
Fri Jan 2, 2009
Home buyers turn to USDA for mortgages

Stricter loan underwriting standards and cash-strapped borrowers have led to an increase in the number of borrowers applying for a home loan offered by the U.S. Dept. of Agriculture (USDA). The program, “Rural Development Guaranteed Loan” was designed to boost homeownership in rural areas, but some home buyers, even in non-rural areas, are qualifying.


· The USDA program insured $7 billion in loans during the 2008 fiscal year, an increase from $3.6 billion the previous year. In Scottsdale, Ariz., the program has accounted for 40 to 50 percent of home sales in October and November.

· Eligibility is based on a number of factors, including the borrower’s income and the population of the city where the home is located. Borrowers’ income must not exceed 115 percent of the median county income, and the loans are restricted to areas with lower population density–generally towns with no more than 25,000 residents.

· Unlike most mortgage loans offered by private lenders, the Rural Development Guaranteed Loan program does not require borrowers to issue a down payment. Loans made through the USDA program are made by private lenders, then insured by the government and sold to Ginnie Mae. A 2 percent USDA insurance fee also is added to the loan--which can be as much as 100 percent of the home’s value--to cover loan losses. Monthly payments usually are lower on USDA loans, because they do not require borrowers to pay for monthly mortgage insurance.

· Despite some lawmakers’ concerns that borrowers should not be allowed to receive loans for 100 percent or more of the home’s value (including the USDA insurance fee), an administrator with the USDA says the concerns are unwarranted. According to Philip Stetson, the USDA administrator, rural areas are less prone to big increases in home prices, so the program is less susceptible to large-scale losses. The default rate on USDA loans is 11.35 percent, compared with a 13.6 percent delinquency rate for FHA-backed loans.

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