100% Financing Option Not Just for First Time Homebuyers
Camden County homebuyers who qualify for USDA home loans are discovering the benefits over FHA home loans or conventional mortgages.
- No Down Payment - Genuinely a 100% home loan
- 2% loan guarantee fee (rolled into mortgage) replaces costly PMI insurance.
- Can qualify without high credit score
- No Minimum Credit History Required
- No limits to seller concessions - seller is allowed to pay closing costs
USDA Rural Home Loans offer rates competitive with FHA and conventional mortgages. There are income caps for the program, however. A family of 1-4 cannot exceed $73,600 annual income; and a family of up to 8 can have a household income of up to $97,150.
Sorry, but manufactured homes are excluded from this program; and the home must be your primary residence.
For additional information, contact Melody for a list of area lenders.
(This post originally appeared at www.PostcardsFromTheLake.com)
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