Arlington WA real estate, zero down

Arlington WA real estate, changes to USDA Zero Down Home Loans

The USDA loan is popular with many people who are interested in buying a home because it is one of the few loan products that offers true 100% financing and has no mortgage insurance. Those are 2 of the most popular reasons that people love it – so why doesn’t everyone have a USDA loan? Because USDA guidelines require that the home is located in an area that is designated a “rural” geographical area. Note: just because it is designated as a “rural” area doesn’t mean that there isn’t a stoplight within 10 miles … many “rural” designated areas are in fairly populated areas. The USDA Zero Down program is popular in the Arlington WA real estate market, especially for first time home owners.

Arlington Washington  real estate will be impacted by 2013 USDA Boundary ChangesUSDA changes

The Housing Assistance Council estimated that as a result of the shift in population moving to more populated areas, as many as 500 geographical areas that are currently designated “rural” by USDA will no longer be designated “rural” and thus be ineligible for people to get USDA loans in those areas. This will include the city of Arlington and Smokey Point areas in Snohomish County.

Act Now!

What this means in simple terms: if you are planning on buying a home in an area that is going to be impacted by the upcoming USDA loan eligibility changes, be sure to get your loan application in soon before it’s too late and you end up having to go with a different type of loan program other than a USDA loan.  Purchasing a $200,000 home using FHA, the down payment required would be $7,000 (3.5%), using USDA, the down payment is $-0-. See the before and after map changes, then contact one of our experienced Realtors® at Windermere Arlington to get started before the changes take place.