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Anyone know anything about the USDA Rural Loan Program?

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jmowreader Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jan-18-11 02:39 AM
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Anyone know anything about the USDA Rural Loan Program?
I may have the opportunity to buy a house that's in it, anyone know if it's good, bad or indifferent?

(The house is in Post Falls, ID. It's close enough to Coeur d'Alene to make commuting to work easy, and it's closer to Spokane than I am now.)
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bluesbassman Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jan-18-11 02:55 AM
Response to Original message
1. It's a good program. Income limit is 115% of the median for the area.
The loans are actually made by an approved lender. I'd recommend talking to several.

Here's the USDA website link: http://www.rurdev.usda.gov/HAD-HCFPLoans.html
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suninvited Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jan-18-11 07:01 AM
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2. my son and his wife just bought their first house
utilizing the USDA Rural Loan Program. Everything went well with it, there was a bit of a delay on closing but I really think that was the person at the banks fault.

I dont know much about the program itself, though.
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hobbit709 Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jan-18-11 07:29 AM
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3. My little brother just bought a house in rural Indiana with the program.
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