Tuesday, February 10, 2009

USDA Rural Development- Mortgage Rates Decrease

The following information came from the Elko Independent, Feb. 10th 2009 issue:

According to Kay Vernatter, the NV director for UDSA, interest rates have been reduced to 4.375% (down from 5.375) for their Direct Loan Program.

The Section 502 direct loan program is available to eligible very-low and low income households to purchase homes in the certain rural areas, of which Elko County is part of. Financing for this program can provide up to 100% loan to value and no down payment is required. Applicants must have an acceptable credit history and debt to income ratios with eligibility based on household size and income.

To view eligibility requirements and income limits, visit:

http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do

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