how do i get the usda 102% financing?

No.. USDA allows for 102% financing which breaks down to 100% of the sale price, plus 2% USDA guarantee fee.. You would still need to get your closing costs paid.. this can be done in a variety of way.. You can bring cash to close, you can ask the seller to contribute, you can ask your Realtor to contribute, or you can ask your lender to assist.. or a combination of all the above.. the fact that you have this question, tells me that you have yet to meet with a qualified Realtor or loan officer, since this is one of the things that would have been discussed with you in detail.. So, the best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

as long as value exceeds the contract sales price you can roll in the closing costs on a USDA loan.

As long as the value exceeds the purchase price, you can roll in settlement costs on USDA

See William's answer.

WIlliam has nailed the answer on this one. 100 for the house 2% for their one time up front mortgage insurance premium

You can roll in closing costs if the appraisal comes in higher than the purchase price. USDA does allow you to do a loan up to 100% of the appraised value above the purchase price. You can then roll in the closing costs up to the appraised value. For example: If the purchase price is $200,000 and the appraisal comes in at $203,000 you can include $3,000 of your closing costs into the loan. The loan to value is calculated as the loan amount divided by the appraised value and the loan to value may only exceed 100% of the appraised value by theamount of any financed Guarantee Fee to 102%. The only problem is that you can't rely on this because you have no idea how much it will appraise for when you buy the house. The first step to qualify is to contact a local loan officer and have them review your application, credit, income and assets to determine what you qualify for. The next step if you qualify is to find a property that is in a designated USDA rural area. Your loan officer and real estate agent would be able to help you with this. Best wishes, Sean