|USDA home loans||<– Date –> <– Thread –>|
|From: Todd Bushman (tcbushmanhotmail.com)|
|Date: Fri, 23 Oct 2020 18:47:07 -0700 (PDT)|
Hi cohousing world, Anyone out there who has experience with USDA mortgages (0% down) and cohousing? I've got some questions! * The community my family is interested in is in phase 2 of development. Buyers most likely won't need a construction loan since the development company (members with in the community who privately own the new lots) are planning to do production homes where once built, new members/homeowners will just need a simple mortgage. However, in order for them to break ground and get their construction loan for the development, they will need a 10-20% down payment from each buyer. So, the big question is could a USDA construction to permanent loan supersede the down payment and somehow mesh with the developer's requirements while still working for the lender so that it truly ends up being 0% down for those who can't afford a down payment. Thank you, Todd tcbushman [at] hotmail.com
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