For the past couple of months, we've known here in Austin that USDA financing was going away at the end of March. Those areas that were eligible were no longer considered "rural" as Austin sprawls like many other large metro areas have done. The program was running out of money, so they had to trim their boundaries across the country.
As a Realtor, I was spreading the news like crazy to get some of my buyers off the fence because you had to have full approval on your loan by the beginning of March in order to have enough time to go through the USDA approval process before the end of the month... now, I found out this morning that it was extended through September.
To an extent, that's good news. I can start telling all my buyers again about the $0 down program for those looking in outer areas. It saves money in their pocket for the time being. The other extent that I don't like is that the buyer will pay their down payment when they go to sell their house. Nothing is for free, and $0 down today doesn't really equate to $0 out of pocket at the end... but it's a good beginning for many home owners.
To learn more about the USDA program and see if you're eligible for financing, contact me today, and I'll get you in the right direction!
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Austin TX Real Estate
and the surrounding areas of Lakeway, Bee Cave, West Lake Hills, Cedar Park, Round Rock, Spicewood, Circle-C, Steiner Ranch, and everywhere in between... Hill Country Austin TX Real Estate and beyond. Whether you're buying or selling an Austin home, I'll be with you every step of the way.
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Copyright© 2013 By Donna Harris, All Rights Reserved. You may re-blog with links back to this post.
* Extra! Extra! USDA Financing Has Been Extended Through September 2013 * was first published on donnahomesblog.com.