The USDA loan program is a fantastic option for buyers in rural areas that allows 102% financing. Last week the USDA added 9 areas to their list of qualified locations. There are income limits but the rates are competitive.
Newly eligible areas: Altamont, Coos Bay, Cornelius, Forest Grove, Klamath Falls, North Bend, Roseburg, Wilsonville, and Woodburn
Previously these communities were improperly classified as ineligible, on the basis they were “too large in population or not rural in character”. The Acting State Director has determined these nine communities to be eligible rural areas based upon our review findings and recommendations.
Eligibilty map and address look-up. [the map is not yet updated to included the above areas but is otherwise accurate]