The USDA Guaranteed Rural Home loan program allows financing up to 102% of the appraised value on the purchase of a home. This means that the purchase price, closing costs, and the one time cost of mortgage insurance can be financed into the loan.
The United States government is doing everything it can to try to make properties affordable for buyers. My last blog post talked about the new $8000 tax credit for first time home buyers, whether or not cosigners were allowed, and answered a few other questions pertaining to the tax credit and why it's a great thing for Portland, OR home buyers.
Buyers taking advantage of the The USDA Guaranteed Rural Home loan program are still eligible for the first time home buyer tax credit. That is, if you were to buy a home today in one of the qualifying areas, you would pay nothing out of your pocket plus you would receive $8000 back next year. Essentially, you would be paid to purchase a home. Buyers with credit scores above 585 are eligible for these loans.
Qualifying homes:
- Guaranteed loans can be made on new construction or existing homes.
- Plumbing, heating, water, waste disposal, and electricity must be certified as adequate and the dwelling must be free from termites and dry rot.
- Homes must be considered modest, however no restrictions exist on the size or design of of the home
- Farms are ineligble
- Homes with in-ground pools are ineligble
- Parts of Wilsonville, Sherwood, and Hillsboro
- Newberg, Canby, Gaston
- Many other rural communities, contact me with eligibility questions
I absolutely love helping people realize their dreams of home ownership. Whether you are an existing client or someone "just looking around," I am here to be a resource for you. Please don't hesitate to contact me with any questions, I would be happy to answer them!
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