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Old 01-04-2010, 02:06 AM
 
8 posts, read 61,647 times
Reputation: 12

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Hello,

I am planning to buy a home in the Little Elm area. I would like to take advantage of the USDA loan option, which allows for loans WITHOUT the PMI of a FHA Loan, if you purchase a home they consider a rural area.

The problem is that Little Elm has been increasing in population like crazy in the past couple years and my Realtor told me that the state plans to reevaluate the Little Elm area in early 2010. According to her, they were supposed to do this 6 months ago.

If this is true, I am afraid Little Elm will no longer be considered a "rural area" and negate the USDA loan option, which means I have to pay PMI and go the FHA loan route. PMI would add about $70-$80 extra a month.

Does anybody know how this reevaluating process works with the USDA and their scheduling for the Little Elm area?

Any additional advice?

I appreciate any feedback.

Thanks.
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Old 01-04-2010, 12:23 PM
 
37 posts, read 76,281 times
Reputation: 26
Your best answer would most likely come from a mortgage lender or by contacting the USDA directly. Good luck!
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