100% Financing Available Through USDA Loans

Parkside Condos is a new development in Pflugerville, Texas just outside north Austin's city limit. Two and three bedroom condos start at $130,000 in this 144-unit project. D. R Horton Inc, the nations largest home builder is offering to pay closing costs, according to a Wall Street Journal article. And get this, 100% financing is available when the buyer uses a loan from the U. S. Department of Agriculture. That's right, USDA.

The Rural Development Guarantee Loan program was created in 1991 to increase home ownership in scarcely populated areas. The department guaranteed $7 billion in loans in 2008, double the amount in 2007. The Federal Housing Administration (FHA) ,by comparison, guaranteed $107 billion during the same period. Buyers who qualify should act quickly because more and more buyers will be asking "Where's the beef??"

There are eligibility requirements. The buyer's income cannot exceed 115% of the county median income, and the population of the area generally must be around 25,000. Demand for these loans is growing rapidly... Maybe we could all move to the outskirts of town! ...