A USDA Rural Development meeting on Guaranteed Housing Loans.
It was very informative and provided some new insights into the USDA GRH program for the rest of this year and into the future.
Here are some of the highlights:
USDA GRH is still one of the only programs to allow buyers to purchase a home with 100% financing. VA is the only other program that will allow for 100% financing.
There is no maximum purchase price with RGH, no reserve requirement, and it is not limited to 1st time home buyers
Borrowers with credit scores as low as 620 can be accepted into this program
Borrowers can use RGH loans for new construction, purchasing ½ of a zero lot line duplex, and one unit condos
There WILL be plenty of USDA funds available to guarantee all GRH purchases for fiscal year 2011
USDA RGH will have $24 billion in available funds for fiscal year 2012 (beginning October 1, 2011)