USDA Loans Update!

[GoddessKristie]

I wanted to let anyone interested know how my experience with the USDA ended up. We did not buy the property we originally thought would be right for us, but we did buy another home using a USDA loan.
When we had an accepted offer we had to sign a bunch of paperwork, as much or more than we had to sign at closing (just hours ago!!), but that wasn't a big deal for us.
The only other thing was a tiny hitch in our inspection process. We had to have a termite inspection and a small portion of the crawlspace was inaccessable. That couldn't be on our inspection report so DH had to crawl under the house and widen the access so the guy could see everything. That was a 15 minute fix.
Other than that it was smooth sailing! We are very happy with the whole process and I recomend the USDA to anyone buying an eligible property!

[KatieTx]

Hi! Glad you had such a good experience. So how exactly does this work, is it similar to the FSA loan program?

[Jena]

I have a 502 USDA loan for home improvement. You must be rural and poor. The money can only be used for improvements on your house. It is a 20 year loan at 1%. I got a new septic, furnace, windows, siding and a roof. It is a very good deal with no strings attached.

Jena

[ebook]

I am interested in finding out more about these USDA loans. Is there a website or something that will give details? Thanks for any help

[KatieTx]

Right, I have already done some research, we qualify for the 502 guaranteed home loan. but what i want to know is, do these loans cover homes on acreage, or is it just a house on a lot in a rural area?

[GoddessKristie]

There's a lot of info on their website here
http://www.rurdev.usda.gov/
and you can call your local USDA office for more info. We called and talked to them about our situation and they were able to help us find the product they offered that would be best for our goals.
It's a really fantastic thing!

[Highland]

Glad to hear it worked out for you all!!! Congrats!!!