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Home Buying

USDA Loans: Word to the Wise

Despite the ongoing pessimism about our economy and real estate market that you may hear on the news, buying a home right now isn’t only possible but there are also still ways to purchase it with 0% down. That’s right, I just said you can still purchase a home with zero percent down payment. The main ways to do this are VA loans and USDA loans. In honor of the new changes to USDA loans that became effective as of October 1, I wanted to take a moment and explain some of the benefits and availability of this borrowing opportunity. As you may know USDA stands for “United States Department of Agriculture”, however these loans aren’t available just to farmers any more. To show an example of this, below is a map of the northern part of San Antonio showing areas of eligibility up N Hwy 281, parts of Evans road and even Timberwood Park. (Tan area denotes ineligible)

USDA Loan Eligibility Map - North San Antonio

What really sparked my interest to write a blog about this was when I was checking out a new Centex community down Canyon Golf road called Silverado Hills. Their sales person informed me that their new townhouse community (Silverado Hills: The Villas) was eligible for USDA and I was blown away! I thought how could an area so close to fantastic shopping, great schools and the Canyon Springs golf course be eligible?? I always knew USDA could be a great option for a loan but I didn’t realize how large of a group of people it could appeal to here in San Antonio.

Some of the benefits of this loan program include:

  • No down payment required
  • 30 year fixed interest rates
  • Upfront loan fee just dropped from 3.5% to 2%
  • Flexible credit requirements

Let me know if you have any questions about lending or would like to see if you can qualify for a USDA loan. You can go to my “Contact Becky” page to submit your information or simply find my contact info on www.beckyaranibar.com

USDA Map: San Antonio and surrounding areas (tan color denotes ineligible area)

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