Does this house qualify for a rural development loan?

Asked by Holly, Tue Jan 17, 2012

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4
Joel Lobb, Mortgage Broker Or Lender, Louisville, KY
Wed Sep 25, 2013
http://eligibility.sc.egov.usda.gov/eligibility/welcomeActio…

Joel Lobb (NMLS#57916)
Senior Loan Officer
502-905-3708 cell
502-813-2795 fax
kentuckyloan@gmail.com

Key Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*
Louisville, KY 40222*
http://mylouisvillekentuckymortgage.com
0 votes
Sherrie Kett…, Agent, Benton, AR
Sat Aug 11, 2012
Holly,
The location of the property qualifies until October 1, 2012. However, the condition of this house does not meet guidelines. It will have to be a conventional loan (5% down) or fha (3.5% down) 203k or 203b (repair money) - which only a few lenders are still participating in.
Sherrie Kettles
Baxley-Penfield-Moudy Realtors
213-5279
0 votes
Julann Carney, Agent, North Little Rock, AR
Tue Jan 17, 2012
Go to the following link:
http://eligibility.sc.egov.usda.gov/eligibility/welcomeActio…

Then click on single family property on the left hand side of the page.
You should then be able to put in the property address & verify if this house is eligible.

Rural Development loans are a wonderful way for a buyer to get in to a property with no money down. There have been changes to this loan as of October of last year. There is a small mortgage insurance premium which is payable each month during the term of the loan.

Happy House hunting & good luck!
Julann Carney
0 votes
Mitchell Mote, Agent, Hot Springs, AR
Tue Jan 17, 2012
Yes, I think it should as of now. They are starting changing it up though for Bryant all the time. We agents have to call USRDA before writing an offer to make sure. Good luck on ur home search! Mitch
0 votes
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