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  #1  
Old 09-14-2010, 07:33 PM
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Default USDA rural development program? Heard of it?

Has anyone ever heard of the USDS rural development loan program? If so what have you heard about it as far as are there any hidden things that go along with it? As far as I know its a government program to assist homebuyers either buy, build, or remodel homes in the non-rural parts of the country. I just get skeptical when I see a program like this through the government afraid of something like this > any help would be appreciated thank you!
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Old 09-14-2010, 07:40 PM
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Quote:
Originally Posted by forceww View Post
Has anyone ever heard of the USDS rural development loan program? If so what have you heard about it as far as are there any hidden things that go along with it? As far as I know its a government program to assist homebuyers either buy, build, or remodel homes in the non-rural parts of the country. I just get skeptical when I see a program like this through the government afraid of something like this > any help would be appreciated thank you!

I believe my brother just did this type of loan to buy his house. I think you meant to say "buy, build, or remodel homes in the rural parts of the country" (non-rural would be urban/city). I can say with certainty there was nothing hidden because I looked at the RESPA documents and I was there at the loan close. I will ask him what, if anything, special was involved and report back.
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Old 09-14-2010, 07:58 PM
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you can use it for land, homes, etc....
there is a origination fee that is added into the loan. i believe it is 3%. you arent told about this right upfront
you can borrow up to 102% of the price of the home which would be used to cover the downpayment.
the bank will sometimes stick you with a slightly higher interesr rate than what the rate is at that time.
it doesnt have to be in the country or whatever. you can use it for homes in the city as well.

the downside unless something has changed in the last 30 days
RD DOESNT HAVE MONEY TO LEND RIGHT NOW
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Old 09-14-2010, 08:06 PM
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there is a origination fee that is added into the loan. i believe it is 3%. you arent told about this right upfront
This should be in the Good Faith Estimate that you receive after submitting the loan application.
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Originally Posted by 80INCHES
just build the box and sit back and let the bass flex the $hit out of ur ride
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Old 09-14-2010, 08:16 PM
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This should be in the Good Faith Estimate that you receive after submitting the loan application.
yes it is. thats is once you are already in the process of the loan though. you dont get a GFE until you request the loan.

i know my ex just did an RD and she wasnt told anything about the origination fee by the bank at all. it was only after talking more to the agent we used that we found out about it. the bad part is we even asked all the questions we needed to and the guy at the bank just beat around the bush and avoided the important questions the best he could.
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Old 09-14-2010, 08:21 PM
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Originally Posted by bones22 View Post
yes it is. thats is once you are already in the process of the loan though. you dont get a GFE until you request the loan.
I guess this isn't completely upfront.

Quote:
Originally Posted by bones22 View Post
i know my ex just did an RD and she wasnt told anything about the origination fee by the bank at all. it was only after talking more to the agent we used that we found out about it. the bad part is we even asked all the questions we needed to and the guy at the bank just beat around the bush and avoided the important questions the best he could.
This is a shame. You would think that since people like this put us in a recession, they would have a little more common decency these days. I remember that when my brother asked his broker about this, he was told upfront before he even submitted a loan app. I guess it all depends on who you are dealing with.
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Quote:
Originally Posted by 80INCHES
just build the box and sit back and let the bass flex the $hit out of ur ride
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Old 09-14-2010, 08:25 PM
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very much so. the worst thing about it was that it was the bank i banked at. needless to say i took all my money out over that and a few other issues i had with them dealing with some personal accounts.
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Old 09-16-2010, 08:17 AM
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Ok thanks guys I thought it looked pretty legit and ya I meant rural areas lol. Ive done my research a lot more lately and everything about the loan seems good. And as far as interest rates I actually should be getting an awesome fixed rate and since I dont have to go directly through the bank I dont have to pay any private mortgage insurance
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