USDA Loans are great for the first time home buyer! Zero down, good quality home and no out of pocket closing costs. When applying for a USDA Loan, rent VS owning here are a few things that should be talked about.
Renting you have to do 1st last and deposit, (if you have a pet, add that deposit on the total as well).
This is a TRUE ZERO DOWN PROGRAM. It is cheaper than renting.
A USDA loan in 100% financing and the closing costs can be rolled in. There are income limits and the property must be outside the city limits. I have income guidelines and location maps available
USDA Loans are structured for families with income limits, USDA Loans are for 30 years. The promissory note interest rate is set by the lender. There is no required down payment. The lender must also determine repayment feasibility, using ratios of repayment (gross) income to PITI and to total family debt.
If you think you know anyone that can benefit from a USDA loan Give me a call for more information.
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