usda loan: The Affordability Gap Between USDA Loans and FHA Loans Widens - 07/03/11 03:35 AM
The Affordability Gap Between USDA Loans and FHA Loans Widens
On April 18, 2011 FHA increased the Mortgage Insurance or MI on all FHA insured loans .25% across the board. This represents the second increase since October 2010, in which the ratio used to calculate FHA monthly mortgage insurance premiums has more than doubled from .50 to 1.15. This increase has made a FHA loan considerably more expensive compared to other financing options, particularly for homebuyers purchasing a home in a designated USDA Rural Development Area
A USDA Loan has no monthly mortgage insurance and no down payment requirements. The USDA … (0 comments)

usda loan: Completion of the 2010 Census Impacts USDA Eligible Areas - 07/03/11 03:30 AM
Completion of the 2010 Census Impacts USDA Eligible Areas 
USDA Loans are available in rural areas and suburban communities with population densities of 10,000 people or less per census track. With the completion of the 2010 Census, some areas that were once considered eligible based on USDA Rural Development Guidelines, have been updated to reflect population density increases and are no longer eligible for a USDA Loan.
USDA Rural Development has updated their database to reflect these changes. Notification is typically not provided by the local Rural Development Offices so it is the responsibility of the Realtor, Loan Officer, and homebuyer … (0 comments)

usda loan: USDA Loan 3.50% Guarantee Fee - 07/03/11 03:23 AM
USDA Loan 3.50% Guarantee Fee 
One of the most frequent questions that come up when discussing the USDA Loan program is the 3.50% fee that appears on the good faith estimate. USDA Loan are a "budget neutral" loan program offered through the U.S. Department of Agriculture. This means that the loan doesn't rely on U.S. tax payers for funding or assistance. Instead the program is self-funding through the 3.50% "Guarantee Fee" charged at the settlement table. This is a straight pass through fee from the lender to U.S. Department of Agriculture.
The 3.50% Guarantee Fee is calculated at a flat 3.50% … (1 comments)

usda loan: When a USDA Loan Amount Can Be Greater Than the Purchase Price - 07/03/11 02:51 AM
When a USDA Loan Amount Can Be Greater Than the Purchase Price
One of the little known facts of the USDA Loan program is that, under certain circumstances, the closing costs can be included in the final loan amount. This option is available when the appraised value exceeds the purchase price, then this variance can be used to cover the closing related costs of the loan. No other loan program on the market allows for this optional increase.
For example assume a purchase price of $100,000, closing related costs and escrows of $5,000, and an appraised value of $104,000. Normally the … (2 comments)

usda loan: USDA Loans and Previous Foreclosure or Short Sale - 07/03/11 02:41 AM
USDA Loans and Previous Foreclosure or Short Sale
As the first wave of homeowners that were impacted by the beginning of the foreclosure crises in 2006 and 2007 start reentering the housing market special attention needs to be given to when these borrowers are eligible for their new loan. USDA Loans guidelines allow a perspective borrower to have had a foreclosure or short sale as recently as three years prior to the new loan application being taken.
This assumes no "extenuating circumstances", which technically may shorten the three year waiting period. An extenuating circumstance is usually defined as a situation beyond … (1 comments)

usda loan: USDA Loan Questions To Ask A Loan Officer To Determine If They Are A USDA Loan Pro - 02/05/11 06:02 AM
USDA Rural Development Loans are one of the toughest loans to originate and require the use of a seasoned and experienced Loan Officer.  To determine if a Loan Officer has the skill set necessary to get a USDA loan to settlement can often be determined right away by asking some basic questions that a USDA Loan Pro will have no challenge in answering. 
These questions aren't designed to stump a Loan Officer on a technicality but rather determine if the Loan Officer holding themselves as USDA proficient, can really walk the walk and talk the talk.  Here are five simple questions your lender should absolutely be able … (3 comments)

usda loan: Understanding the USDA Rural Development Loan Program in Less Than Five Minutes - 02/03/11 07:00 PM
Understanding the USDA Rural Development Loan Program in Less Than Five Minutes
USDA Rural Development Loan Program is a fantastic no money down, 100% financed USDA Loan Program that is ideal for certain homes and certain buyer(s). Trying to determine the areas and buyers that are eligible for the USDA Loan Program is a constant source of confusion for less experienced Realtors, Lenders, and home buyers.
To demystify this loan program and simplify the USDA Loan Program homebuyers and Realtors can either reference the USDA Loan underwriting guidelines (RD 1980-D). Or assuming that reading several hundred pages of a lender handbook … (2 comments)

usda loan: Alabama USDA Rural Development USDA Loans No Money Down Rural Housing - 01/31/11 11:32 AM
Alabama USDA Rural Development USDA Loans No Money Down Rural Housing
The USDA loan program is available to Alabama moderate income households purchasing a home in a USDA Rural Development designated area.  Alabama rural housing maximum household income and county eligibility requirements for USDA Loans are now available in one convenient location at USDARuralLoan.com.
 The benefits USDA Loans are as follows:
$0 Down Payment Required with Alabama USDA Loans $0 Monthly Mortgage Insurance Premiums on your USDA Loan $0 Cash required is possible at Settlement since: the Alabama USDA Loan allows the seller to pay unlimited closing cost to cover the buyers closing costs and escrows if the house appraises for more than … (0 comments)

usda loan: $400 Moves You In - For Less Than A Security Deposit On An Apartment You Can Become A Homeowner - 01/27/11 10:43 PM
The U.S. Department of Agriculture USDA Rural Development Loan is the only national loan program* that is available to all home buyers that allows for No Money Down Financing and No Cash Required by the borrower to settle on the purchase of a house.  These flexible loan terms are made available by the USDA through their Rural Development Loan Program, which is designed to promote home ownership in rural communities for moderate income households.
Since the USDA Rural Development Loan will finance 100% of the purchase price there is no down payment required on the USDA Loan.  This means the only … (0 comments)

usda loan: Washington County Maryland - USDA Rural Development Home Mortgage Loan - No Money Down - 100% Financing - 11/21/10 03:40 AM
Washington County Maryland - USDA Rural Development Home Mortgage Loan - No Money Down - 100% Financing
Through a special loan program from the U.S. Department of Agriculture Rural Development Loan Program, home buyers in Washington County Maryland may qualify for moderate income housing opportunities in rural communities.  The USDA Rural Loan promotes home ownership by offering No Money Down Financing or 100% Mortgage Financing, with No Monthly Mortgage Insurance requirements, and flexible sources allowed for paying a home buyers closing costs. 
This loan program is available throughout Washington County except for areas in and around Fountainhead-Orchard Hills and Halfway.  The remainder of the County, … (1 comments)

usda loan: Talbot County, Maryland - USDA Approved Zero Down Home Mortgage Loans - 100% Mortgage Financing - 11/21/10 01:30 AM
Talbot County, Maryland - USDA Approved Zero Down Home Mortgage Loans - 100% Mortgage Financing
Perspective home buyers in Talbot County Maryland can't say that a down payment is holding them back from purchasing a house. Thanks to the USDA Rural Development Loan Program a Talbot County home buyer can move into a home using 100% Mortgage Financing, with No Down Payment, No Monthly Mortgage Insurance, and extremely flexible sources allowed to cover closing costs and escrows.  A Talbot County home buyer can purchase a house with only $450 for the cost of the appraisal when the transaction is structured properly with the seller paying the … (1 comments)

usda loan: Clarksville Maryland Western Howard County - No Money Down Zero Down Home USDA Rural Mortgage Loans - 11/17/10 04:31 AM
Clarksville Maryland Western Howard County - No Money Down Zero Down Home USDA Rural Mortgage Loans
Howard County home buyers can "have their cake and eat it to" when purchasing a house in Clarksville Maryland and the surrounding areas in Howard County Maryland.  The reason is the USDA Rural Loan Program that provides moderate income households the ability to purchase a house in a rural community with No Money Down, No Monthly Mortgage Insurance Premiums, and when you work with a USDA proficient Mortgage Lender and Realtor No Out-Of-Pocket Closing Costs. 
To qualify for the USDA Rural Development Loan home buyers need to … (0 comments)

usda loan: Ellicott City Columbia Maryland - No Money Down Zero Down Home Mortgage Loans - 11/17/10 03:22 AM
Ellicott City Columbia Maryland - No Money Down Zero Down Home Mortgage Loans
Money Magazine ranked Ellicott City and Columbia as the second best place to live in it annual survey of "100 Best Places To Live In America."  What makes owning a home even better in Ellicott City or Columbia is the ability to purchase a house No Money Down, No Monthly Mortgage Insurance, and when you work with the right Mortgage Lender and Realtor No Out-Of-Pocket Closing Costs. 
There are many areas within Columbia and Ellicott City that qualify for no money down financing through the USDA Rural Development Program.  That's "No Money Down … (2 comments)

usda loan: Laurel, Savage, & Jessup, Maryland - No Money Down Zero Down Home Mortgage Loans - 11/17/10 12:48 AM
Laurel Savage Jessup Maryland - No Money Down Zero Down Home Mortgage Loans
I have a Secret . . . but you have to promise you won't tell anyone . . . I see houses, lots of them, that anyone can purchase right off of the 95 corridor between Washington and Baltimore in Howard County with No Money Down, No Monthly Mortgage Insurance, and when you work with the right Mortgage Lender and Realtor No Out-Of-Pocket Closing Costs. 
These house are located everywhere on the Howard County side of Laurel, Savage, or Jessup and can be purchased with no money down financing through the USDA Rural Development … (0 comments)

usda loan: St. Mary's County Maryland - USDA Rural Development Home Mortgage Loan - No Money Down - 100% Financing - 11/15/10 05:23 AM
St. Mary's County Maryland - USDA Rural Development Home Mortgage Loan - No Money Down - 100% Financing
Home buyers thinking about purchasing a home in St. Mary's County, can do so in any part of the County outside of California, Lexington Park, and Patuxent River, and are eligible for a special loan program available through the U.S. Department of Agriculture Rural Development Loan Program designed to promote moderate income housing opportunities in rural communities.
The USDA Rural Loan promotes home ownership by offering No Money Down Financing or 100% Mortgage Financing, with No Monthly Mortgage Insurance requirements, and flexible sources allowed … (0 comments)

usda loan: Somerset County Maryland - USDA Rural Development Home Mortgage Loan - No Money Down - 100% Mortgage Financing - 11/14/10 03:52 AM
Somerset County Maryland - USDA Rural Development Home Mortgage Loan - No Money Down - 100% Mortgage Financing
The media loves to report how tough it is to obtain a mortgage loan.  While it is true that getting a loan approved is far harder today than three years ago.  But for home buyers meeting certain minimum requirements home ownership in Somerset County is far easier than what is being reported in the news.
Thanks to the USDA Rural Development Loan, which is chartered with increasing home ownership in (1) rural communities for (2) moderate income households, allows Somerset County home buyers to … (1 comments)

usda loan: Queen Anne's County Maryland - USDA Rural Development Home Mortgage Loan - No Money Down - 100% Mortgage Financing - 11/14/10 02:29 AM
Queen Anne's County Maryland - USDA Rural Development Home Mortgage Loan - No Money Down - 100% Mortgage Financing
Outside of just a few areas, all of the Eastern Shore of Maryland is eligible for the USDA Rural Development Loan.  Queen Anne's County home buyers who make less than $89,150 with a family household size of four or less and $117,700 for a family size of five or more (see below if income exceeds this amount) can qualify for a USDA Rural Loan offers home buyers the following benefits:
Zero Down Payment Requirement Zero Monthly Mortgage Insurance Premiums Zero Cash Needed For Settlement: the USDA … (1 comments)

usda loan: Prince Georges County Maryland - USDA Rural Development Home Mortgage Loan - No Money Down USDA Loan - 11/13/10 10:31 AM
Prince Georges County Maryland - USDA Rural Development Home Mortgage Loan - No Money Down USDA Loan
PG County Maryland is located directly adjacent to the Nations Capital.  Despite being a highly densly populated county there are areas that are rural and eligible for the USDA Rural Development Home Mortgage Loan program.  Parts of the southern portion of Prince Georges County will qualify for the No Down Payment Mortgage USDA Loan, including the towns of Accokeek, Aquasco, Brandywine, Marlton, and the areas east of Upper Marlboro. 
In addition to a $0 down payment requirement, the USDA Rural Loan has $0 monthly mortgage insurance, and … (1 comments)

usda loan: Montgomery County Maryland USDA Rural Development Home Mortgage Loan No Money Down - 11/11/10 03:00 AM
Montgomery County Maryland - USDA Rural Development Home Mortgage Loan - No Money Down
If you are thinking about purchasing a house in either the Northern or Western parts of Montgomery County there is a loan program called the USDA Rural Development Mortgage Loan that will allow you to buy a single family house, townhome, or even a condominium in areas such as Barnesville, Beallsville, Boyds, Clarksburg, Northern Damascus, Dickkerson, East Laytonsville, and Poolesville that allows for a zero down payment, zero monthly mortgage insurance, and if the sellers pays the settlement closing costs and/or the property appraises for more than the sales price allows you to … (1 comments)

usda loan: Kent County Maryland USDA Rural Development Home Mortgage Loan No Money Down - 11/11/10 02:00 AM
Kent County Maryland - USDA Rural Development Home Mortgage Loan - No Money Down
If you currently rent in Kent County now is a great time to start thinking about purchasing home with the most flexible financing program available to all home buyers throughout Kent County Maryland.  Despite what you may have heard about on the news as a result of the U.S. Department of Agriculture's commitment to facilitate moderate income households in rural communities there is a mortgage loan program with flexible financing requirements that is available in Kent County.
The Rural Development Mortgage Loan is underwritten by the USDA and offers extremely flexible lending … (1 comments)

 
David Zuckerman, Mortgage Broker - Low-to-no downpayment mortgages (Millennial Home Loans, LLC)

David Zuckerman

Mortgage Broker - Low-to-no downpayment mortgages

Sykesville, MD

More about me…

Millennial Home Loans, LLC

Address: 1722 Splendor Drive, Woodbine, MD, 21797

Office: (866) 552-5912

Mobile: (443) 791-9333

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