There is a common perception that all the 100% financing went out the window during the mortgage and banking meltdown of 2008 – 2009, but that’s not altogether true. For many buyers in what are considered “rural” areas by the US Department of Agriculture there is a great affordable loan program available with very affordable terms and requirements. This UDSA Rural Development Guaranteed Rural Housing Loan Program will finance up to 100% of the appraised value of a property PLUS the guarantee fee making it effectively a 103% loan.
The term “Rural Area” fools a lot of buyers and real estate professionals alike. In the greater Dallas area, there are qualified addresses in cities like Melissa and Anna that are well within commuting range to most employment centers. Most homes within cities like Whitewright, Trenton, Leonard, Bonham, Tom Bean and Howe qualify.
There are income and credit requirements as well as debt and income ratios that must be met. Please Call Bruce Roberts or Randy Ownby at Bois d’Arc Realty at 903.364.2700 to learn more.