I have had several people interested in obtaining a USDA home loan for property in Deschutes County. I've put together a map of part of the county that should help in identifying areas that qualify for this program.
As you might know - it's one of the last TRUE 100% home loans available - and it doesn't have PMI! The rates are comparable to FHA, so it's a very affordable payment! You do not have to have PRESTINE credit, but we generally want to see scores above 580, and 12 months of "clean credit."
USDA does require that the property be located in a less populated area. It does not need to be a farm - but it can't be located downtown either.
The "darker" area does NOT qualify. However, as you can see - that is basically the Bend urban growth boundary and anywhere else in the county is eligible for this type of financing. That includes Redmond and LaPine as part of the county that is included in this financing. Also, all of Crook and Jefferson Counties qualify for the program, including Madras and Prineville.
If you are interested in property in this area and would like to see if the address falls within the USDA "footprint" click here. I would also suggest you contact a special Realtor in the area by the name of Thesa Chambers and not just because our names are similiar. Thesa is a smart cookie and will make your search for your dream home work for you. Just click on her name to go to her website. Thesa knows Central Oregon.
So - THE TIME IS RIGHT! We have many properties on the market, we have MONEY TO LEND, and the Federal Government is giving First Time Homebuyers a $7500 tax credit if they purchase prior to next summer!
For more information on USDA loans, and to see if your household income qualifies for this NO PMI loan, please click here!