Are you participating in the U.S. Department of Agriculture (USDA) Rural Guaranteed Home Loan Program?
Should you consider getting involved in the program? This week, MortgageOrb visits with Fred Chamberlin, senior mortgage consultant with Alpine Mortgage Planning in Eugene, Ore., and the producer of three different mortgage-related blogs – EugeneLoanGuy.com, FHALoansOregon.com and No-Money-Down-USDA-Mortgage.com – to discuss the pluses and minuses of this program. Q: In view of the ongoing problems relating to the mortgage banking crisis and the housing market, what is the state of the USDA Rural Guaranteed Home Loan Program? Has there been an uptick in activity within that program? Chamberlin: Interestingly, the USDA program is, at last announcement, out of money. However, the wholesale lenders are still making the loans and holding them until new money is allocated, which seems to be assured. The program is one of the only true 100% financing options available, and in an mostly rural area (like the majority of Oregon), it gives those people with limited or no down payment the options