Zero-down loan programs are few and far between these days, but one that remains available might be of interest to you - especially given some changes that make it more accessible.

USDA Guaranteed Rural Development loans offer 100% financing with no monthly Private Mortgage Insurance. Seriously, I said NO monthly PMI. While there are some geographic limitations for this program, if you are interested in eligible properties, you should take notice.

Income restrictions for this program are based on the number of people living in your household, however these limits were loosened beginning April 20, 2009, which means more people may now qualify and be able to afford higher value homes under this program. Previously, the income limits were based on the exact number of people living in the home. For example, the limit for two people was different from the limit for one person; the limit for three people was different from the limit for two people, etc. As of April 20, the household income limitations are grouped into two categories: 1-4 Person Households and 5-8 Person Households. This is great news!
It means that higher income earners with fewer people in the household may be more likely to qualify.In non high-cost counties, where 1-4 people reside in a home, the income limit will now be $70,750. In homes where 5-8 people reside, the limit is $93,400. While these figures serve as a guide, there are certain situations in which people can earn more and still qualify.

Now just because you see the word "rural" in the program name, it doesn't mean we're talking farmland here. No, you don't have to raise cattle or chickens to qualify. Rural generally is defined as areas that are not densely populated and have fewer neighborhoods - but you might be surprised at how many neighborhoods qualify. To check eligibility on a property you may be interested in, email me or visit the following web site:
Is this property eligible for USDA Guaranteed Rural Housing financing?
I am very excited about what this can represent to you. More buyers will have the ability to buy a home without a down payment and that could be you. Also, when it comes to USDA Rural Housing loans, the seller can pay closing costs up to 6%. When you combine these benefits with the available tax credit of up to $8,000 for eligible first time home buyers, buying that "house in the country" - or even the suburbs - is suddenly a lot easier.

To learn more about this program, email or give us a call at 678-648-5626. This is a great opportunity and I hope you can take advantage of it.