Who Can Get A USDA Rural Housing Loan? First of all this depends greatly on your lender. Right now for instance the USDA Rural Housing program is not funded and most lenders are not even offering the program. Envoy Mortgage is closing these loans right now but the majority of lenders are not offering the program. Here are a few of the guidelines Envoy is using right now for our USDA Rural Housing Loans.
- 100% financing
- No money down
- No monthly mortgage insurance
- 620 minimum credit score (lower than many lenders)
- Income restrictions (92k in Calvert County, Charles County and St. Marys County) Call me to determine if your location in Maryland is eligible
This is great program for anyone who does not want to put down
3.5% and pay monthly mortgage insurance with FHA or does not have 20% to put down to go conventional. Other than VA, there are not many options with 100% financing.
Are you really doing USDA Rural Housing Loans? I get asked that all the time and most agents don't believe me but its true. Yes the USDA Rural Housing program has not been funded but Envoy Mortgage is funding them and closing them. The loan still has to be approved through USDA and follow all of the USDA Rural Development guidelines. So if you still don't believe me, and you live in Calvert County, Charles County, Anne Arundel County or Prince Georges County, stop in and see me, I will show you on paper how I closed three in the last week of June.
So I've written a few blogs, made some videos and sent a LOT of emails telling real estate agents in Southern Maryland telling them that Envoy Mortgage is doing USDA Rural Housing Loans but sometimes I just cant get through so I am putting out the word on Active Rain. If you are looking for a 100% program to buy a home in Maryland, call me to get started. If you are an agent with a buyer who needs assistance, I can provide references from agents I have closed USDA Rural Housing Loans with recently.
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