If you are currently renting or considering a new purchase now is the best time to start thinking about how to buy a no money down home in Rapides Parish Louisiana. The past few days national news has reported a fluctuation in the prime rates. Rural Development Loans are the most flexible financing program available to buyers. The Rural Development Home Loan is underwritten by the USDA (United States Department of Agriculture) and offers extremely flexible lending terms and guidelines for a no money down home in Rapides Parish Louisiana.
Rural Development Loan Requirements
- Mortgage Insurance Premiums: $0
- Cash required at closing: $0 (when the seller agrees to pay the closing costs and/or the house appraises for more than the purchase price the closing costs can be included into the loan amount up to the appraised value)
- Minimum credit score to qualify: 620
- 12 Month job history minimum.
- Loan amount: no purchase cap
- Maximum yearly income caps apply
- Home needs to be in good condition to meet appraisal guidelines
Property Eligibility to Purchase
For property eligibility a no money down home in Rapides Parish Louisiana must be located outside of the city limits. This offers the purchaser a lot of flexibility for choices of location. There are many sellers willing to pay closing costs to cover the down payment for the buyer to help them acquire the home. Despite the larger loan amount, since the USDA doesn't require a down payment, a USDA Loan Vs. a FHA Loan still will result in a lower monthly mortgage payment normally because you will not be paying mortgage insurance.
Housing Affordability is Incredibly Low Currently!
There are plenty of distressed properties available for sale and buyers have a large selection of homes to choose from. This combined with historically low interest rates and a true no money down home loan it means now is a great time to buy a home.
Don't Miss Your Opportunity! There are Limited Funds Available for Buyers!
The USDA provides a limited amount of funding per year for no money down home loans. Each year these funds run dangerously low but more often completely out. Don't miss your opportunity! .
Find Out Now if You Are Eligible or call (318) 880-1270 to quickly get answers to your home purchasing questions and determine your eligibility for a No Money Down Home in Rapides Parish Louisiana before time run out!