100% financing through USDA / Rural Housing loans is coming back!!!
As I have mentioned some time ago, funding for Rural Development was embedded in a larger bill that has been stalled in Congress for some time. The bill was at a standstill due to push back from the Senate on the amount of spending the bill included and concern over the U.S. government debt. However, there has been some recent activity on the bill which is very promising. Last week, the Senate passed a slimmer version of the bill, which stripped a good deal of the extra spending added to the bill through various amendments. The new, leaner, proposal of the bill H.R. 4889 has just been signed by The House and Senate, which is the bill that includes funding for the Rural Housing program. The bill awaits the President’s signature . Hopefully, it will be signed into law today or Friday. The bill provides for the guarantee fee to be up to 3.5%. We have reached out to Rural Development to confirm the guarantee fee will in fact be 3.5%. Once the bill is finalized and we get clarification from Rural Development, lenders once again give the green light to close Rural Housing loans.
Just as a reminder, Rural Housing is just about the only 100% financing program available other than VA. The property must be in a rural area and there are income restrictions. Rural Housing is available in most of our areas in Myrtle Beach and is a great way to get into a home of your own without a downpayment. Some of the areas that offer this financing program are most of Georgetown, Conway, Longs, Aynor and Loris. You may be eligable in certains parts of Little River, Myrtle Beach, Socastee, and Murrells Inlet. If you have any questions or would like to start your new home search call your local Realtor, Jake Lee 843-240-0431. As a buyer, Jake's services are free to you! Feel free to visit him on the web at www.JakeLeeRealEstate.com or www.SCRealEstatePartners.com any time to browse through what's currently available!