Cohousing-L Mailing List: USDA home loans

[Todd Bushman (tcbushman]

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