Getting USDA multifamily properties removed from the program
I am looking at some multi family properties in Nebraska that are tied to a USDA housing program on a 30 note that is said to restart upon sale of the properties. The sellers of the properties want out of the USDA program and I want the properties but do not want to be in the program. I guess it is a low interest 30 year loan, but have to report to the USDA and abide by their rules. The limit your profit taking, CapEx funds, repairs and so forth. Does anyone know the program I acquiring about and also know how to get out of it? I would like to buy these properties using my conventional banker rather than jump through all the red tape and reporting that the USDA program offers. Thanks