using USDA loan for extra repairs to home
In the past I read I can get up to 102% financing through USDA and the extra 2% is usually used for paying for insurance or closing costs? i'm wonderig if thats required or i could use the 2% for home repairs that need to be done. by 3jennings84623318 from Salem, Oregon. Jun 24th 2014
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
USDA allows for 100% financing Plus the 2% funding fee for a total Loan to Value of 102%. You would still need to have your closing costs paid.. typically, seller concessions, or your lender can charge you a slightly higher interest rate and pay the fees for you. There is no way to "include repairs" into a USDA loan.. 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
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
The "extra" 2% is available if, and only if the appraisal comes in at 102% of the purchase price. Then the "extra" 2% can be used to cover closing costs if needed. It is not for repairs. www.MortgagesUnlimited.biz/usda
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