This is not one of those “dangerous” loans made during the sub-prime runup. In fact this loan pre-dates those loans and has performed very well over the years even though it does not require the buyer to have “skin in the game”. We’re talking about the section 502 Guaranteed Rural Home Loan available to homes in designated areas to buyers who demonstrate steady income and a good credit history.

Finding out of the home is in a designated area is simple and takes just a phone call or email. I can help you if your property search is in Georgia and it only takes a few minutes. Listen to this short audio message for more information and call me at the numbers listed all over this page and on the audio segment.

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Every year the United States Department of Agriculture (USDA) ?guarantees thousands of home loans to borrowers who have?an income of up to 115% of the median income for the area. Funding for the program is always uncertain and there is generally a period during which funding for the program is not available and that time usually is late in the year.

This year the dry up came a little early with an announcement sent on March 9 to participating lenders. “This message is to notify you that program funding for the Single Family Housing Guaranteed Loan Program will likely be exhausted by the end of April, 2010″, the letter reads.

Because there is no certainty when the funds will be made available the department is not issuing any statements regarding a time period.