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Rural Developmant USDA housing loans

Does anyone have any experience with these loans? What were the good parts, and were there any downfalls to it? My family is trying to buy our first home and our lender is recommending this type of loan, but I'd like to know what others' experiences with them have been...

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Anonymous

Asked by Anonymous at 12:48 AM on Mar. 1, 2010 in Money & Work

Answers (2)
  • We have one and we had no problems at all, matter of fact originally we were going to use our VA loan but after we bid on a house and then the VA came back and wouldnt approve it until the price was lowered by 30k and had to deal with the VA appraiser we switched to a Rural housing loan. The upside was our closing cost were rolled into the loan, no down payment, and we got to pick the appraiser so we were able to get someone local who knew our market. The only downside is that you dont know who your fiance company will be until the sale is complete. We ended up with chase. One of the upsides is that because your in a rural area the loan is designed to help you get into an affordable home that a local bank might otherwise say no to becuase they have tighter guidelines, we had decent credit but a few things that other banks would have turned their nose up at, rural housing helped us fix those and we got the loan.
    3_ring_circus_

    Answer by 3_ring_circus_ at 12:56 AM on Mar. 1, 2010

  • Op - 3-ring-circus, did you get a Direct loan or a guaranteed loan? From my understanding they are very different...
    Anonymous

    Answer by Anonymous at 10:15 PM on Mar. 1, 2010

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