USDA Refinance Funds Gone for 2012 – Purchase Money Still OK!

USDA Refinance funds for fiscal year (FY) 2012 are now exhausted!

St Paul, MN: Have a USDA Rural Development loan?  Thinking of getting a USDA Refinance loan? Sorry – USDA announced today that they are out of money for refinances for 2012.

For the vast majority of homeowners, this really isn’t a big issue, as many of them can lower their interest rate and refinance into many other loan products.

Looking to buy a home? USDA Rural Development Purchase Loans on the other hand have plenty of money – so there is no need to worry if you are buying a home.

As a side note, the cost of a USDA home loan in going up slightly on October 1st, 2012. Currently the loans have mortgage insurance of .030%, and will be going up to .040%.  On a $100,000 loan, the old mortgage insure would have been $25 a month, and would now be $33.33 a month.

An original article by Joe Metzler (C) 2012 Metzler Enterprises, LLC for www.MnRealEstateDaily.com


USDA Home Loans are Zero Down Payment

USDA 100% Home Loan Financing – Best Kept Mortgage Secret! 

7 out of the 11 Twin City County Areas are eligible. These properties are closer than you think!

The USDA Guaranteed Rural Housing Mortgage Program offers individuals and families 100% financing for semi-rural to rural properties throughout the state of Minnesota and Wisconsin.

  • 100 % Financing – ZERO down payment
  • No Cash From Buyer
  • Cheap Mortgage Insurance (especially compared to FHA loans)
  • No Assets Needed – No Money left in the bank needed
  • Relaxed Credit Requirements
  • Finance Closing Costs into the Loan