USDA Home Mortgage in Louisiana - USDA RURAL DEVELOPMENT

USDA MORTGAGE LOAN LOUISIANA - 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.

• USDA  Loan 100% financing, no down payment is required. The loan amount may not exceed 100% of the appraised value, plus the guarantee fee may be included.
• 30-year fixed rate mortgage loans
• USDA Guarantee Fee applies: may be rolled into the loan amount.
• Flexible credit guidelines. Non-traditional credit histories may be accepted.
• Fixed 30 year interest rates apply. Lenders and applicants agree upon interest rate.
• Qualifying ratios are 29% for housing costs and 41% for total debt. USDA Lenders in Louisiana may request an exception to exceed these ratios when strong compensating factors are identified.
• Eligible closing costs and lender fees may be included in the loan or paid by the applicant.
• Gift / Grant Funds / Mortgage Credit Certificates (MCC) /Seller Concessions are allowed in the USDA.
• Eligible repairs and improvements may be included in the loan.
• Applicants apply with an approved lender of their choice.
• USDA Home loan in Louisiana, Not limited to first time homebuyers.
• No maximum purchase price. Qualifying ratios and the applicant stable and dependable income will determine home affordability.
• Eligible property types include existing homes, new construction, modular homes, Planned Unit Developments (PUD), eligible condominiums and new manufactured homes.

• USDA loans require  an upfront guarantee fee of 3.5 percent of the total mortgage amount. The one-time fee is added to the total balance of the mortgage and financed into the loan.

  On Oct.1, 2011 that 3.5 percent fee will decrease to 2 percent.  USDA Loans will implement a new annual fee of 0.3 percent of the balance of the loan. This fee will be added to the monthly payments.

• Ability to Refinance your Louisiana USDA Home Loan - Rate reduction only - no cash back -  Reduced Guarantee Fee,  Only existing GRH and Section 502 Direct loans are eligible for refinance -Streamline Process

• No payment reserve requirements

• No down payment Required for USDA Home Loans

• 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 Loan Program
Zero down payment. You must purchase home in eligible county and there are maximum income limits for the USDA Rural Development Single Family Housing Guaranteed Loan Program

LOUISIANA USDA Eligible Financing For the Following COUNTIES:

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

USDA Rural Development loans in Louisiana offer 100% financing

  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.

Just because you see the word "rural" in the loan program name, it doesn't mean we are talking farmland here.  USDA Rural Development Single Family Housing Guaranteed Loan Program are generally defined as areas that are not densely populated and have fewer neighborhoods,  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 in Louisiana, 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.

 USDA Loan Inquiry - USDA MORTGAGE LOANS LOUISIANA

Seamless Loan Process with Possible Same Day Approvals
* First Name:
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* Type of Loan:	--Select--->New PurchaseRefinance / Lower PaymentRefinance / Cash OutInvestment
* Loan Amount:	--Select -->60,00070,00080,00090,000100,000110,000120,000130,000140,000150,000160,000170,000180,000190,000200,000210,000220,000230,000240,000250,000260,000270,000280,000290,000300,000320,000340,000360,000380,000400,000420,000440,000460,000480,000500,000+1,000,000+
* 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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