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rcarval · Joined: 08 Feb 2010 Posts: 5 2.35 Dollars($)

I was looking into a FHA but found out I could get an RD loan for the area of the home....does anyone have an info you can share on RD loans, pros, cons.....thanks.

jameshogg · Posted: Thu Mar 11, 2010 11:08 pm Post subject:

Hi rcarval,

As far as I know, the USDA RD mortgages do not have a strict credit requirement. However, you would require a minimum of 620 FICO score to get an approval. Also, the USDA RD mortgages require no monthly mortgage insurance. These mortgages do not require a down payment even.

Thanks

justinkennedy · Posted: Fri Mar 12, 2010 9:46 am Post subject: USDA GRH

**** very important if you plan on using USDA. this a federal back program, federal funds for his year are estimated to be exhusted in April***

USDA's GRH home loan program is much better than FHA. if your household income and property location qualifiy; the rates are better, same 30y fixed, USDA ofer a few unquie options if the home purchase price is lower than appraised value, credit is more flexiable, NO monthly mortgage insurance; the upfront mortgage is 2% vs FHA's 1.75% (for now FHA will change to 2.25% shortly) I offer USDA with no credit score limits, however, credit critera does apply. I am located within and lend in California

jburke1 · Joined: 11 Mar 2010 Posts: 1 1.23 Dollars($)

Pro and cons are:

Pro
1) No money down required
2) No monthly mortgage insurance
3) Low credit score standards but they do look at credit history
4) Low rates which are comparable to FHA
5) No limit on seller concessions
6) Will allow borrower to roll closing costs into the loan provided there is enough equity

Cons:
1) The home has to be located in a rural area as designated by the USDA
2) County income limits
3) The USDA guaranteed fee of 2%
4) The funds are expected to run out by April

Overall the USDA program is probably the best loan available.

I've done a ton of these all over the country

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Does anyone have any experience with an RD Loan?