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Started By
Message
Rural Development Housing Loan: Yay or Nay
Posted on 6/21/12 at 5:29 pm
Posted on 6/21/12 at 5:29 pm
7
Posted on 6/21/12 at 5:29 pm to couv1217
Do it!
Posted on 6/21/12 at 5:34 pm to Hugo Stiglitz
Yes
Posted on 6/21/12 at 5:35 pm to couv1217
most definitely do it
Posted on 6/21/12 at 5:37 pm to couv1217
Pros outweigh the Cons, by A LOT
Posted on 6/21/12 at 5:43 pm to madamsquirrel
What's the interest rate?
Posted on 6/21/12 at 5:44 pm to CerealKilla
Should be about 3.75%
Posted on 6/21/12 at 5:47 pm to couv1217
If the property qualifies, why not?
Posted on 6/21/12 at 7:01 pm to Ortho Reb
Does anyone know the cons of this loan? Am I correct in my understanding that you don't need to put any money as a down payment if you don't want to?
Posted on 6/21/12 at 7:35 pm to couv1217
Pros: No PMI for RD loans 
Posted on 6/21/12 at 10:21 pm to couv1217
RD is a great no money down program.
Posted on 6/22/12 at 10:54 am to La Place Mike
Last two mortgages were RD. A little more paperwork but the pros outweigh the cons.
Posted on 6/22/12 at 12:20 pm to lsuguru
actually RD loans now have monthly pmi. stared in april of this year. but its still a great loan
Posted on 6/22/12 at 10:29 pm to hawkeye007
quote:
actually RD loans now have monthly pmi. stared in april of this year. but its still a great loa
where would one go to see if they qualify for a RD loan in the BR area?
Posted on 6/23/12 at 8:47 am to novabill
quote:
where would one go to see if they qualify for a RD loan in the BR area?
Posted on 6/25/12 at 8:20 am to couv1217
Thats what my mortgage is. It was no PMI and I put nothing down. Only kick is, the property had to appraise for I believe it was 15-20 percent more than the loan amount. Wasnt an issue. My rate is about 4.15 with no PMI. It was more paper work, but really didnt matter.
This post was edited on 6/25/12 at 8:22 am
Posted on 6/25/12 at 8:21 am to lsuhunt555
Absolutely. If the location is eligible, it's almost silly not to.
Posted on 6/25/12 at 8:35 am to lsuhunt555
Only poor people qualify for RD loans.
Posted on 6/25/12 at 2:53 pm to LSUSUPERSTAR
quote:
Only poor people qualify for RD loans.
Posted on 6/25/12 at 3:59 pm to lsuhunt555
What's the income theshhold now like $78K?
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