USDA RURAL DEVELOPMENT - Home Mortgage in Louisiana

USDA MORTGAGE LOAN Changes Make "Rural" Homes More Accessible

Zero-down loan programs are few and far between these days, but one that remains available might be of interest to you –especially given some changes that make it more accessible.

• 100% financing based on appraised value(loan amount may exceed appraised value by 2% Guarantee fee, divide appraised value by .98)
• 30-year fixed

• Ability to Refinance - Rate reduction only - no cash back -  Reduced Guarantee Fee of .5% Only existing GRH and Section 502 Direct loans are eligible for refinance -Streamline Process

• No monthly mortgage insurance. One-time guarantee fee of 2.00%

• No payment reserve requirements

• No downpayment

• No First-time homebuyer requirement

• No maximum.  If greater than 6%, comment from the appraiser required

• 100% gifting permitted.  Donor must be disinterested third party.

Louisiana USDA Rural Program
Zero down payment with NO PMI or mortgage insurance. You must purchase home in eligible county and there are maximum income limits. 

Eligible Financing For the Following COUNTIES: Bossier, Caddo, Calcasieu, East Baton Rouge, Iberia, Jefferson, Lafayette, Lincoln, Orleans, Ouachita, Plaquemines, Rapides, St. Tammany, and Terrebonne.

Visit USDA website to determine if a specific home is eligible for the program.  Full address with zip code is required.

USDA Guaranteed Rural Development loans offer 100% financing with no monthly Private Mortgage Insurance. Seriously, NO monthly PMI. While there are some geographic limitations for this program, if you are interested in eligible properties, you should take notice. Income restrictions for this program are based on the number of people living in your household, however these limits were loosened beginning April 20, 2009, which means more people may now qualify and be able to afford higher value homes under this program. Previously, the income limits were based on the exact number of people living in the home. For example, the limit for two people was different from the limit for one person; the limit for three people was different from the limit for two people, etc.

 Now just because you see the word "rural" in the program name, it doesn't mean we're talking farmland here. No, you don't have to raise cattle or chickens to qualify. Rural generally is defined as areas that are not densely populated and have fewer neighborhoods – but you might be surprised at how many neighborhoods qualify. To check eligibility on a property you may be interested in, or visit the following web site.

Is this property eligible for USDA Guaranteed Rural Housing financing?

More buyers will have the ability to buy a home without a down payment and that could be you. Also, when it comes to USDA Rural Housing loans, the seller can pay closing costs up to 6%.

 When you combine these benefits with the available tax credit of up to $8,000 for eligible first time home buyers, buying that "house in the country" – or even the suburbs – is suddenly a lot easier.

  Loan Inquiry - USDA MORTGAGE LENDER LOUISIANA

Fast & Easy Loan Process - Same Day Approvals
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* Appraisal Value:	Select (estimate ok)60,00070,00080,00090,000100,000110,000120,000130,000140,000150,000160,000170,000180,000190,000200,000210,000220,000230,000240,000250,000260,000270,000280,000290,000300,000310,000320,000330,000340,000350,000400,000450,000500,000550,000600,000650,000700,000750,000800,000850,000900,0001,000,000 +
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