0 Down, 100% Financing With RD Loan- Anyone Familiar?

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Old 10-27-2011, 07:59 PM
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RD Loans

Right no down payment and the loan can may be up to 102% of the appraised value. If the max loan exceeds the sales price, you may finance settlement costs and/or modest repairs. To answer your question, you would pay the closing costs, either out of pocket or rolled into the loan, unless there is a seller concession to pay them. The repairs are negotiable between you and the seller, but if you agree to pay them you may pay them out of pocket or rolled into the loan. The inspection is simply an appraisal performed by a FHA roster appraiser because USDA has adopted FHA property standards. The only inspections apply if you have a septic system or a private well. It is a fairly straight forward process. I've been originating USDA loans for 16 years. I'd be happy to answer any questions. myUSDAlender dotcom. Good luck with your transaction.
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Old 11-01-2011, 10:36 AM

RE: 0 down, 100% financing with RD loan- anyone familiar?

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talk to a knowledgeable realtor in your area

usually, if the house you are buying requires repairs to meet inspection, those are seller's responsibility
if you are buying 'as-is', you may not be able to get that type of loan unless you agree/pay for the repairs yourself BEFORE closing [which I probably wouldn't do as a buyer, unless house was fantastic bargain]
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Old 11-01-2011, 11:23 AM

RE: 0 down, 100% financing with RD loan- anyone familiar?

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ok, well experienced realtor may be able to help you figure out what will need to be fixed to meet inspection and estimate costs to repair...inspection itself should be $200-300

...again, a good realtor can help
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