USDA Rural Guaranteed Loan Program offers real estate loans to 102% loan to value for purchases
By Fred Chamberlin, Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant
(Guild Mortgage Co - Oak Harbor WA)
100% financing has become harder to find but there are still a few options available in Oregon. One is, of course, Federal VA but this is open only to veterans and active duty military personnel. A fantastic opportunity to purchase a home for someone that qualifies. Next would be a FHA loan with some sort of down payment assistance program, of which the only ones currently available are SHOP, HAP and PAL. Unfortunately, HAP and PAL are currently out of money according to recent reports. (Please see previous postings for what these are.) That brings me to the USDA Rural Guaranteed Housing Program. Not only is this program available to 100% financing, you can actually finance the closing costs in the loan if the appraisal is higher than the purchase price and will go to 102% if the financ...