I just listened to a presentation on the new USDA Rural Development Guaranteed Rural Housing Loan at a meeting yesterday and it looks like the ideal type of loan for first-time homebuyers in the Darke County, Ohio area.
Some of the details are:
- No down payment required
- 30 year fixed rate
- 102% LTV (loan to value) means you might be able to get some of your closing costs paid too
- No mortgage insurance
- No cash contribution required from the borrower
- Unrestricted gifts from others and no need to document the source of the gift
- No maximum loan amount
- No reserve requirement
A designated "rural area" include open country and places with a population of 10,000 or less and under certain conditions, towns and cities between 10,000 and 25,000 residents. Every town and rural area in Darke County falls within these requirements. If you need further questions answered, leave me a comment or give me a call and I can give you the names of some of the banks and mortgage companies that offer this loan program.
This loan program will also be explained at the First-time Homebuyer Class offered Mar. 25th & Mar. 30th (See previous post for more information about this class). Hope to see you there.
Todd Finch
trfinch@gmail.com
937-423-3316
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