Despite the contraction of the secondary market, there are still some great loan programs for qualified Somerset County, NJ properties available to qualified applicants with moderate income and little to no down payment. One such program is the USDA loan. As I had written previously in this blog: Need 100% Financing? Try the USDA Guaranteed Rural Housing Loan Program the USDA program is a great loan for rural and even some not-so-rural areas that qualify for the USDA program. New Jersey still has many areas that qualify for the RD Loan.
If you have a listing or are selling your home and it qualifies location-wise for an RD loan, this also can be a great tool to market a property.
There are property location restrictions for the USDA 100% financing program. According to USDA website's eligibility map listed here: Much of Northern and Southern Somerset County is Eligible Check the website and with a loan officer for further details. Keep in mind, both the property(based on location) and the borrower(based on income) need to qualify to be eligible for consideration for this loan program.
The other qualification restriction is income based. The income limits for the 100% Section 502 Guaranteed Rural Housing Program are listed here: Somerset County Income Limits According to the chart, a family of 2's maximum annual income would be $71,900 for the Section 502 Guaranteed Rural Housing Program.
There is a financed fee similar to the VA funding fee for this program, and there are credit qualifications and property qualifications as well.
Once again, this a great program for 100% financing in Somerset County. For more details, contact Michael Byrne at 800-999-2489 x7972
Michael Byrne
Gateway Funding
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Hey Michael, aren't you repeating yourself? Well, I have to admit it does bear repeating. This is a great program and the qualification is not that severe as far as income.