Rural Guaranteed Housing Loans are Back

On September 8th, USDA (US Department of Agriculture) began to fund the backlog of approximately $1.6 billion in commitments made when funds were not available. After these commitments have been processed, Rural Development will begin processing new loans. Enough money will be available for all requests during the remainder of the fiscal year (October 2010 to October 2011).

Effective October 1st, the up-front, financed funding fee will be 3.5% of the loan amount. This funding fee is added to the 100% loan. The principal and interest payment is determined based on the total amount of the 100% loan plus the funding fee.

All other terms of the USDA Rural Guaranteed Housing Program remain the same: 100% financing for "rural" homes as determined by USDA. All closing costs can be negotiated to be paid for by the seller. Site built and NEW manufactured home set-ups are allowed for financing.

USDA is very firm on the total debt load that the homebuyer can carry. The total of the proposed monthly house payment, plus other monthly minimum consumer (credit cards, auto and student loans, etc.) debts, should not exceed 41% of the homebuyer's gross monthly income.

Please visit us at http://www.equityloansoregon.com/ for further information.

Interest Rates as of 09/14/2010

Conventional, 30-yr Fixed Rate: 4.25%/APR 4.399%
FHA or Federal VA, 30-yr Fixed Rate: 4.375%/APR 5.091%

Interest rates shown are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please visit us at www.equityloansoregon.com for further loan information.

Interest Rates as of 09/02/2010

Conventionsl, 30-yr Fixed Rate: 4.25%/APR 4.399
FHA or Federal VA, 30 yr Fixed Rate:4.375/APR 5.091

Interest rates shown are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please visit us at www.equityloansoregon.com to contact us for further information.