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Real Estate & Property Law

: Closing Real Estate in Chicago

Ethanol Subsidies and No-Money-Down Mortgages?

By Peter Olson, Esq.

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Who would have known? a href="http://online.wsj.com/article_email/SB122937640286608173-lMyQjAxMDI4MjE5NjMxNzY2Wj.html"I saw this piece in the WSJ/a describing a mortgage program buried within the Department of Agriculture.br /br /span style="font-style: italic;"To be eligible for a USDA-backed loan, a borrower can't have income that exceeds 115% of the median county income, and the loans are restricted to areas with lower population density -- generally towns of no more than 25,000 residents. So while home buyers in big cities aren't eligible for the loans, residents of many of America's fastest-growing towns and exurbs do qualify. The loans that come through the program are made by private lenders, then insured by the government and sold to Ginnie Mae, a federal agency that sells mortgages to investors./spanbr /br /a href="http://www.rurdev.usda.gov/rhs/sfh/brief_rhguar.htm"Here's an overview from USDA/a. Likely not eligible in Cook but maybe in a collar of a collar county.

Full post as published by Closing Real Estate in Chicago on December 20, 2008 (boomark / email).