Thursday, May 3, 2012

U-S-D-A (hey!)

A commenter mentioned how they enjoyed the song references on the blog, so what the heck, let's add one more to the mix.

Before we get started, we better lower the strobe light, put on our gold medallions and really, uh, eccentric clothes.

O.K., here's a little song about a loan program you may not know:

(read to tune of Y-M-C-A)

Young man, there's a loan you should know. 
I said, young man, when you're short on your dough. 
You can use that, and I'm sure you will find 
That the loan can be the right kind. 

You should look into the U-S-D-A

U-S-D-A (hey!)

It has so many things, that you might enjoy, 
No PMI, which helps buy more toys ... 

You should look into U-S-D-A
U-S-D-A (hey!)

If your credit is clean, you can get a good deal, 
Down payment of whatever you feel ... 

Young man, where will your new home be? 
I said, young man, how far from the city?
I said, young man, that might make real your dreams. 
Take a look into this thing! 

No man does it all by himself. 
I said, young man, help keep some of your wealth, 
If you don't get, a really big gob of pay. 
I'm sure they might help you today. 

You should look into U-S-D-A
U-S-D-A (hey!)

So, to recap, here's what the USDA loan offers:

- basically the same rate as conventional or FHA loans
- No downpayment
- No PMI (except for a very small amount)

Here's what you need to qualify:

- Buy a house in a designated rural area (don't let that scare you too much - our home is 30 minutes from downtown Charlotte, and more importantly, less than two miles from a grocery store, McDonald's, Subway and more). Click on this map to determine where to buy or see if your home qualifies.

- Income limits (click here to find your state and limits)

Ryan currently offers USDA loans in the Charlotte area at our neighborhood and at least one other (Millbridge). Both neighborhoods have lots of things around them, and really aren't far from civilization. So, you might want to check around in your area too.

(Yes, all this blogging is starting to make us a little nutty).


  1. We were going to do a USDA loan as well but the community we settled on was just outside the valid area by 2 blocks! ugh! Its a great option for anyone that can arrange it.

  2. Good post covering the USDA, very informative.

  3. It's a great loan if you can get it... (lame song reference, here, too. I'm like that out loud all day, every day. Poor buggers who live with me. *sigh*)

  4. Wow! That sure does sound like a phenomenal loan! Glad it worked out for you!

  5. guess i should be grateful that we have jobs that put us over the income requirement... it would've been a fantastic option if we could qualify