USDA Home Loans
· USDA HOME LOANS offer a 100% home loan with a competitive 30 year fixed rate loan term. Maximum rates allowed are determined and posted by USDA Rural Development for these home loans.
· No Down Payment is required! A true 100% Home Loan.
· No annual or monthly mortgage insurance is required. Only the one time Guarantee fee which may be financed is required on a 100% USDA Home Mortgage. USDA Home Loans are the only option currently available for 100% financing unless you are an eligible military veteran.
·USDA Rural Development 100% Home Loans allow for financing of closing cost if the property appraises for more than the sales price. This is unique to USDA Home Loans in that other mortgage home loan programs base their total LTV (loan to value) on the lesser of the sales price or appraised value.
· USDA Rural Development 100% Home Financing requires no minimum cash contribution from the buyer. In other words a USDAHomeLoan may allow a borrower to purchase a home with no out of pocket expense.
· USDA 100% Home Loans require no minimum reserves after closing on the USDA Home Loan.
· A USDA Home Mortgage will allow for gifts for the payment of closing cost. Also, USDA 100% Home Loans have no restriction on seller contributions towards the payment of buyer's closing cost.
· 100% USDA Home Mortgages have no Sales Price or loan amount limits. Borrowers must only meet qualifying ratio’s and credit standards. Property eligibility and Borrower eligibility (must not exceed income limitations) are required. *see link to determine if you and the property qualify.
100% USDA Rural Development Home Loans· The demand for 100% USDAHOMELOANS have exploded over the last couple of years. Millions of borrowers who reside in rural areas are potentially eligible for USDA Rural Development 100% financing. USDA 100% Home Loans presently are the only option for 100% financing unless you are a military veteran.
· USDA 100% HOME LOANS are offered with no monthly mortgage insurance add-on which increases the monthly mortgage payment. FHA and privately insured conventional financing normally requires a monthly mortgage insurance premium (commonly referred to as MIP or PMI). A single one time guarantee fee is charged up front on a USDA Rural Development Home Loan which may be added to the loan amount extending the LTV (loan to value) to 103.5% of the sales price.
· A 100% USDA HOME MORTGAGE will also allow closing costs and prepaid costs to be added to the home loan amount if the home appraises for an amount greater than the homes sales price. This home loan is unique in that other types of financing base their maximum allowed LTV (loan to value) on the sales price or appraised value whichever is less.
· 100% USDA HOME LOANS may be used to purchase a new or existing single family home in most rural areas where a market does exists for housing.
· USDA 100% HOME LOANS are all fixed rate loans. The P&I (principle & interest) will not change over the life of the home loan. This removes any unknown surprises or concerns with payment increases as is found in other types of home loans.
· USDA Home Loans are not only for first time homebuyers. Borrowers must intend to occupy the home as their permanent residence. Condo’s, Townhomes, and single family homes may qualify for USDA Rural Development 100% home financing.
· USDA Home Loans do not require perfect credit. A minimum 620 credit score or greater may be needed.
· 100% Home Loans do not have a maximum sales price or maximum loan amount requirement. The income of the household will determine the home loan amount. Income limits do apply and are determined by the county in which the property located. Click here for income eligibility.
· USDA HOME LOANS are limited to rural communities normally of 20,000 or less in population. Under certain conditions some areas of larger towns and cities may qualify for a 100% USDA Home Loan
ELIGIBLE COUNTIES ARE AVAILABLE IN EACH OF THE FOLLOWING STATES:
Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, and Wyoming.
BEST 100% MORTGAGE LOAN OPTION
ON THE MARKET!!!!!
The USDA LOAN is fast and easy. Here is just a few of the highlights that make it the RIGHT CHOICE!
· TRULY A 100% HOME MORTGAGE
Closing cost, some repairs, etc. may be financed into the loan up to 100% of the appraised value plus the guarantee fee.
· NO MONTHLY MORTGAGE INSURANCE
Monthly mortgage insurance can be very expensive to the borrower. The higher the mortgage insurance premium the less priced home a borrower may be able to obtain. USDA Home Loans offers more affordable terms allowing borrowers to qualify for more home for their money.
· FLEXIBLE CREDIT
Excellent credit is not required. Minimum 620 credit score or greater may be required. Qualifying ratios have been expanded to 29/41.
· FLEXIBLE INSPECTIONS
USDA Rural Development does not look for cosmetic problems, however the appraiser/inspector may recommend additional inspections. In case repairs are required these must be completed before Rural Development will issue a Guarantee on the loan. Typically, FHA and VA are more restrictive!
· PROPERTY ELIGIBILITY
No mobile homes, manufactured housing, or working farms are ineligible. County and address determine home eligibility. Home must be owner occupied. Second homes, commercial property and rental property are not eligibly.
The demand for USDA RD Home Loans have exploded over the last couple of years. Millions of borrowers who reside in rural areas are potentially eligible for USDA Rural Development 100% financing. USDA Home Loans presently are the only option for 100% financing.
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