Surrounding Fort Worth area is a prime area for 100% financing on a home loan. Fort Worth, Texas buyers can get 100% financing on new home purchases in close by areas.
This 100% program is truly not just for rural housing but for most of the geographic areas surrounding Fort Worth, Texas qualifies for:
- - 100% Financing Available- Small Monthly Mortgage Insurance (.30% of loan amount per year)- Interest Rates are still very competitive compared to Conventional and FHA.
- The biggest benefit is no down payment to a USDA loan- true 100% financing- with long term, 30 year fixed rate loans.
- Low MI (mortgage insurance) compare it to FHA and Conventional and see the savings!
Let's take a look at qualifying requirements for a USDA home loan:
- There are some geographic areas that do not allow for USDA loans- but most of the State of Texas qualifies.
- The simplest way to determine if you are in one of these areas is by entering an address into the USDA Property Eligiblity @ http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=sfp&NavKey=property%4011.
- If the property address is determined to be in an eligible area, you may use a USDA loan to purchase the home.
- Income limits do apply to USDA loans- but they are not as limiting as most would think- you do not have to be a "low income" family to qualify.
- Child care and dependents under 18 in the home can also alter the maximum income to be qualified for a USDA loan.
Here is the USDA website to determine if you are eligible income wise- or simply call Joy Bates at 817-860-3232 and she will assist you: http://eligibility.sc.egov.usda.gov/eligibility/incomeEligibilityAction.do?pageAction=state&NavKey=income%4011.
For the best service- make sure you ask your lender if they are a mortgage banker- and not a broker- or you will have delays in getting your loan approved.
You can call Joy Bates, NMLS # 243437 at 817-860-3232 or visit online at www.fortworthhomemortgageloan.com or email her at Joylynn.Bates@myccmortgage.com.
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