Bellingham, WA Real Estate
Elaine A. Cook
Savvy, Just Like You!
Savvy, Just Like You!
Elaine A. Cook 360-441-5882 elaine@elaineAcook.com 1313 E Maple St Suite 521 Bellingham WA 98225
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Rural Housing 100% Financing Program
It is really quite simple. 100% Financing.
The USDA sets aside funds to guarantee 100% financing on homes that are in "rural" America! The term "rural" usually makes one think of a country home on acreage. That is not the case. Most homes that qualify for this program are in residential developments...outside the city limits!
In Whatcom County, the basics are...any home outside the city limits of Bellingham WA qualifies as "rural".
See the Whatcom County Map. There are several links to the left that showcase many of the available homes that qualify in Whatcom County. Areas such as Sudden Valley, Ferndale, North County and portions of the Toad Lake area; just to name a few.
Their goal is to help more folks get into a home of their own. This is not just a first time home buyer program. Any one can qualify based on the criteria below, and do not currently own a home.
Their goal is to help more folks get into a home of their own. This is not just a first time home buyer program. Any one can qualify based on the criteria below, and do not currently own a home.
Funds can be used to build, repair, renovate or relocate a home, or to purchase and prepare sites, including providing water and sewage facilities.
So, Who qualifies?
The maximum annual income limits are 115% of the annual low income established for Whatcom County. These annual household income limits are established by the size of your household:
P R O G R A M 1 PERSON 2 PERSON 3 PERSON 4 PERSON 5 PERSON 6 PERSON 7 PERSON 8 PERSON
VERY LOW INCOME 22550 25750 29000 32200 34800 37350 39950 42500
LOW INCOME 36050 41200 46350 51500 55600 59750 63850 68000
MODERATE INCOME 41550 46700 51850 57000 61100 65250 69350 73500
38 YEAR TERM 27050 30900 34800 38650 41750 44850 47950 51000
ADJ. MEDIAN INC. 45100 51500 58000 64400 69600 74700 79900 85000
Your credit scores must be decent, but stellar credit is not a requirement.
This program is mostly based on your income to debt ratios.
Apply On Line and let's get you moving!
This program is mostly based on your income to debt ratios.
Apply On Line and let's get you moving!
And now, the official description of who qualifies:
Eligibility: Applicants for loans may have an income of up to 115% of the median income for the area. Area income limits for this program are here. Families be able to afford the mortgage payments, including taxes and insurance. In addition, applicants must have reasonable credit histories.
Eligibility: Applicants for loans may have an income of up to 115% of the median income for the area. Area income limits for this program are here. Families be able to afford the mortgage payments, including taxes and insurance. In addition, applicants must have reasonable credit histories.
What homes qualify?
Again check out the map to verify the areas.
The Whatcom Co. maximum home price for this program is roughly $300,000.
The Whatcom Co. maximum home price for this program is roughly $300,000.
Here is the official description of what type of homes qualify for this 100% financing:
"Under the Section 502 program, housing must be modest in size, design, and cost. Houses constructed, purchased, or rehabilitated must meet the voluntary national model building code adopted by the state and HCFP thermal and site standards. New Manufactured housing must be permanently installed and meet the HUD Manufactured Housing Construction and Safety Standards and HCFP thermal and site standards. Existing manufactured housing will not be guaranteed unless it is already financed with an HCFP direct or guaranteed loan or it is Real Estate Owned (REO) formerly secured by an HCFP"
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