walton: USDA 100% Financing
- 11/22/09 06:09 AM
The USDA program is still offering 100% financing. There are income & geographic limitations (see links below). Here are some highlights of the program that you should be aware of: Borrower is not required to be a first-time homebuyer No minimum borrower cash contribution Maximum 100% LTV based on appraised value (102% LTV including the 2% Guarantee Fee financed in) Seller contribution typically limited to 6% (may cover closing costs & pre-paids) 30 Yr Fixed Rate No Monthly Mortgage Insurance is required No borrower reserve requirement In-ground swimming pools are permitted only if the appraiser give no value to it Chap (2 comments)