100% FINANCING STILL AVAILABLE with (RD) USDA Rural Development and (VA) Veteran’s Administration Guaranteed Mortgages.
VA and Rural Development loans both have very minimal credit standards to qualify. Veterans can actually obtain a VA loan with no credit scores at all. While Rural Development loans have geographical and household income restrictions VA mortgage do not. Please note Rural Development Financing will not longer be available in Bentonville, Arkansas after 10/01/2012. So if you are not a veteran and plan to purchase a home in Bentonville with 100% financing you have one year left to make the move.
Both Programs have implemented changes to their guarantee fees for loans closing on or after October 1st 2011.
VA is actually reducing their guarantee fees. This is good new for our Veterans.
Rural Development is decreasing their upfront premium, but starting to charge a small annual premium that will paid monthly similar to FHA and private mortgage insurance on conventional loans that are over 80% loan to value.
The guarantee fees charged by VA and Rural Development allow people to purchase homes at very low interest rates without putting 20% down just like FHA insured loans and conventional loans with private mortgage insurance.
For more information about which loan program is best for you contact Lee Robinson at Southwest Funding, LP. (479) 409-8244.