Rural Develpment Funding Status Announcement
by Evan Vanderwey on 29/09/09 at 6:34 pm
I’ve received many calls on the status of the Rural Develpment mortgage.
For lack of a better way to get this out to the general public, I’m posting the letter we received from Rural a few days ago. This should not be a problem for most people. Call us if you have any questions or concerns.
Notice to Lend – Rural Development
For those who have not heard, this is the loan with unbeatable terms -
$0 down, no PMI, seller can pay all of your costs – IF you buy a home in a designated “rural” area.
Map for Rural is linked below – choose single family, accept terms and then enter the address of the home you wish to check.
http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do
This should continue without much ado.
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Concetta
Sep 29th, 2009
Great loan, but takes a month to get reviewed. Very discouraging to buyers.
evan
Oct 1st, 2009
Thanks Concetta,
You’re right about the extra time it takes; we have found it to be bearable if the right expectations are set up front. The alternative is to close in 2 or 3 weeks with FHA if they can muster the 3.5%.