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USDA Zero Down Home Loans!

Not all lenders are qualified to do USDA loans.  If you have a lender already, simply ask them.  If not I can refer you to a highly trained professional that is.

Is your property eligible?  Do you meet the income restrictions?

The easiest way is to contact a lender or click here to find out: USDA Rural Development Eligibility

Click here for a Snohomish County map of approved locations: USDA Map Boundaries *Note: USDA boundaries are outside of marked red area of map*  The boundaries also cover all of Arlington, Stanwood, Smokey Point, Granite Falls, Lake Wood, Sulvana, and much more.

  Free Forclosure List & Zero Down Loan Info.

Basic Guidelines for USDA made simple:

*The following is subject to change without notice via USDA Rural Developement*

·  100%, No Mortgage Insurance financing

·  Properties must be located in an eligible rural area

·  Eligible property types include SFR, Condo and PUD. Manufactured housing is allowed if the unit is 12 months old or newer and never been occupied.

·  Income is limited to 115% of the US median income, adjusted to number of people in the household.

·  There are no sales price restrictions

·  There are no declining markets issues to consider

·  No cash reserve requirements

·  Loans can be manually underwritten or go thru USDA's AUS, GUS. If manually underwritten ratios are limited to 29/41. Exceptions can be made with high credit scores and strong compensating factors.

·  There is a one-time 2% guarantee fee for purchase transactions and .5% fee for refinances. The guarantee fee may be financed.

·  Closing costs can be financed if the appraised value is higher than the sales price

·  Secondary financing is allowed with approved state bond programs.

·  In-ground swimming pools are generally not allowed. All properties with pools will need an exception granted by USDA.

·  Credit history: above 620 score, no need for VOR and can disregard bad debts (must pay off federal debts)

   The appraisal should be completed by an FHA approved appraiser although an FHA report is not necessary.  If the appraisal is completed by an FHA approved appraiser then a termite report and clearance and a septic certification are only required if specifically conditioned for.  If a non-FHA appraiser completes the appraisal, then a termite report and clearance will always be required.  In addition, the FHA approved appraiser must make the following certification: "The dwelling meets HUD's minimum property standards for existing dwellings as outlined in HUD Handbooks 4150.2 and 4905.1".  Most non-FHA approved appraisers are not comfortable making that statement so instead they can complete an attached certification form.