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USDA Loan Program ........... Part II
Yesterday I did an introductory post about the USDA Loan Program, comparing it to our Stated Bonded Loan Program CHFA.  In that comparisons I listed some of the benefits that each of the programs have over each other.  In this blog I am going to just talk about the USDA Loan Program, and go into more detail about the program by providing bullet points that those reading this can use for a quick reference.  If you are interested in more information about CHFA please read my past blogs about that program.
USDA is a great loan program for both existing and First Time Homebuyers who do not have much money to put down, or just simply want to hang on to their money for future emergencies or for needed repairs.  USDA allows a Borrower to Borrow:
Up to 102% Loan To Value (LTV). Can role in Closing Costs & Repairs if it can be supported by the appraisal. Does not have a maximum purchase price. Does not have Monthly Mortgage Insurance (PMI). Qualifying Ratio's are 29/41 and above with a Ratio Waiver. Minimum 620 Credit Score. Properties that are eligible for USDA loans are:
Existing homes Condominiums Townhouses 1/2 of a ... more

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