USDA 502 guaranteed and Direct Loan programs are fully funded! This is good news for buyers and sellers in Oregon and nationwide.
I personally know there were several USDA buyers in Bandon and Coos County area that were ready to buy months ago but were left in the cold without funding this year. The demand for one of the only 100 percent loan programs for borrowers was so great that money ran out early this year. On July 29th, President Obama signed into law House Bill 4899 allowing USDA to charge a 3.5% guarantee fee (originally 3%). The increased fee structure was signed to help keep the program better funded.
The 502 Direct Loan is an incredible program that targets low and very low income borrowers. USDA is offering 100% financing, 1% interest rates, 38 year loan terms, no mortgage insurance and no minimum credit score.
Here is a great link for more information on the Single Family rural housing programs in Oregon
Well, at least we're seeing progress during his administration. What I don't get is why this didn't happen sooner?
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