U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Texas > Dallas
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Old 01-04-2010, 03:06 AM
8 posts, read 63,990 times
Reputation: 12



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.

Rate this post positively Reply With Quote Quick reply to this message

Old 01-04-2010, 01:23 PM
37 posts, read 86,903 times
Reputation: 26
Your best answer would most likely come from a mortgage lender or by contacting the USDA directly. Good luck!
Rate this post positively Reply With Quote Quick reply to this message
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply

Loading data...
Based on 2000-2020 data
Loading data...

Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Texas > Dallas
View detailed profiles of:

All times are GMT -6.

© 2005-2023, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top