For people that stay current with financial news there has been quite a bit of buzz with the USDA loans. Earlier in the year there was a statement that the funds available for Minnesota USDA loans would be depleted by April. Another statement said that new funds would be available. However, the information about when and how those funds would be available seemed confusing. Now, everything has finally settled down and it seems it is back to business as usual for the USDA program.
Congress passed a new rule that allows for a new upfront fee to provide funding for future loans. Along with other funding measures passed by Congress, the USDA loans should be available for the remainder of the year.
Indiana USDA loans are designed to help people purchase homes outside of major cities. The loans are structured to allow the closing costs to be included in the loan if there is sufficient equity in the property. And, the USDA loan does not require any down payment. 100% financing is still available with these loans.
Not sure if a Minnesota home qualifies for a USDA type loan? No problem. Simply get in touch with one of our Loan Officers today. Our loan officers are authorized to provide the USDA loans. We also have access to the zoning maps that indicate which properties are eligible for the USDA loans.
Don’t let the term “rural” fool you. Many homes and properties that are located just a few miles from a major city can qualify for one of these loans. Getting in touch with a one of our Loan Officers today may be the next step to buying a home with no down payment.
Current USDA Rural Housing Funding Fee’s
USDA Purchase: 3.5%
USDA Refinance: 1%
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