Comments on: USDA Loans For No Down Payment Financing

By: Carmen

Carmen — Fri, 25 Nov 2011 15:52:01 +0000

HI Bob,
Thank you for responding. My townhouse association FHA approval expired 5/31/11 and was not renewed due to the high percentage of residents being delinquent on association fee payments.
Based on the location of my property, Burlington Twp., NJ, it is designated as a rural area by the USDA.
I do have a potential buyer right now but their lender is stating that since my townhouse association is not FHA approved, getting a USDA loan is not an option. I feel helpless at this point.
Any information you can give me is greatly appreciated.

By: Bill Gassett

Bill Gassett — Thu, 24 Nov 2011 13:28:51 +0000

Carmen that would depend on whether your development fell into what the USDA considers a rural area. Getting a USDA loan would have no association with being FHA approved or not. Why not get the FHA approval extended though. Without FHA approval it will be a lot harder to sell the units in your place and could ultimately bring down the values.

By: Carmen

Carmen — Thu, 24 Nov 2011 11:43:01 +0000

Hi Bill, I live in NJ and am trying to sell my townhouse. My problem is that my townhouse Association is no longer FHA approved. Can a potential buyer use a USDA loan to purchase my townhouse although we’re not FHA approved?
T

By: Roxanne

Roxanne — Sat, 11 Jun 2011 14:51:11 +0000

Hi Bill

Very nice write up. There are quite a few state programs in my area as well to help buyers purchase with no money down. With the decline in home prices, it’s really enabled more buyers to consider purchasing. I’m happy to see the state and federal programs coming up to assist buyers in getting into these homes and help clear out the inventory

By: Bill Gassett

Bill Gassett — Wed, 16 Feb 2011 04:02:15 +0000

John the USDA loan really is a great program especially for those with limited funds!

By: Kenny Long

Kenny Long — Wed, 16 Feb 2011 03:24:43 +0000

Hi Bill,
Thanks for the great info., my wife and I just applied for one of these loans and we were approved, but they said there is currently no funding, and the office was not very helpful or friendly in explaining the process going forward. Are we waiting on the federal or state gov’t and do you know when more info. might be released about funding, or are we just waiting in the dark?

BTW, we are in NW Florida, Destin area…

By: John Slocum

John Slocum — Tue, 01 Feb 2011 16:37:28 +0000

Hello Bill, I just closed a sale where my buyer purchased an REO on 10 acres in Yacolt WA using the USDA loan. With the zero-down, they were able to conserve cash and make some fix-ups and updates that will give them an almost instant boost to their equity. This is a great program!

By: Bill Gassett

Bill Gassett — Mon, 09 Aug 2010 23:54:05 +0000

Monica – The loan officer is telling you the truth although there are rumors floating around that the USDA loan financing could be restored at anytime.

By: Monica Cruz

Monica Cruz — Mon, 09 Aug 2010 18:33:49 +0000

My loan officer is telling me there is no way I can get a USDA loan (the guaranteed one, not direct) since funding has run out and I have to get FHA. Is this true?! I have other people I know who are getting their USDA loans funded and I do NOT want to go FHA since our out-of-pocket costs would be higher as well as our payment.

By: Fred Price

Fred Price — Thu, 05 Aug 2010 21:40:00 +0000

Great information Bill. We are liscensed and funding USDA here in Florida if anyone needs more specific information or an expert at working with those who need to build their credit to qualify for the USDA RH loan. Regards