Last week I wrote an offer for a couple that really wanted this house. Our offer was a little aggressive, but left us room to negotiate. Imagine my, and my buyer’s surprise when the offer was accepted.
And now comes the stressful part of the transaction, the waiting. They know they are qualified for the loan, but the type of loan they have selected is a long process to secure.
Most local mortgage companies offer a USDA Rural Development Loan. The nice thing about it is that the buyer can do 100% financing. The down side is, it is a popular loan program, and the underwriting process takes 45-60 days, and sometimes even longer.
If you are interested in buying a house outside of Harrisonburg, and east of Boyer’s Rd, this loan program may be the thing for you.
It has worked for other buyers that I have worked with, but it is a program that will test your patience.