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Forums » Consumers - Questions, Answers, Help » Mortgage Questions » Rural Development Loan
 

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Latest post Wed, Oct 28 2009 3:13 PM by Jill Statz. 3 replies. Viewed 242 times.
Page 1 of 1 (4 items)

  • Fri, Oct 23 2009 12:48 AM                

    • Anonymous

    I have been approved for a rural developement loan, and I want to know if there will be a down payment.

  • Mon, Oct 26 2009 2:38 PM                 In reply to

    |Contact

    USDA Rural Develpment loans typically do not require a down payment. I am surprised if you have already been approved for a loan that you haven't discussed this with your loan officer.

    PREMIUM MEMBER
     Honesty - Integrity - Experience. Helping homeowners make informed decisions about their home financing for over 25 years. Serving all of Texas. 972-572-5600 Toll-free 1-866-458-5600

  • Tue, Oct 27 2009 12:23 PM                 In reply to

    |Contact

    I would be concerned also that you are asking this question if you are really pre approved.  Did you loan officer not explain the USDA product and go over your good faith estimate?

     

    P.S.  I only lend in the great state of Florida.

    PREMIUM MEMBER
     Mortgage Planner with Homexpress Lending in St. Petersburg, Florida. Please call me with any questions at 813-414-0308. Florida loans only.
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  • Wed, Oct 28 2009 3:13 PM                 In reply to

    |Contact

    I am also suprised that your LO has not discussed this with you.  But in answer to your question...no...you do not have to put any sort of down payment down unless you would like to.  A USDA loan is considered 100% financing and can go to 102% CLTV so your upfront funding fee can be financed into the loan amount. 

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