HOME BUYERS NEED TO KNOW ABOUT RDA LOANS

By
Real Estate Agent with REMAX 100

How many buyers out there whether First time or move up buyers are aware of the RDA loans available in not only Maryland but other states across the country. This program offers a 100 percent loan to value (100% LTV), USDA Rural Development  home mortgage  that is government guaranteed. Few people are aware this Guarantee program exists.  This is not a subsidy loan so there is no recapture!

The major benefits are:

  • 100% mortgage LTV based on the APPRAISED value
  • Zero down payment and there is no minimum contribution required.
  • No limit on seller concessions or gift
  • No mortgage insurance required
  • No reserves required
  • 30 year fixed rate only
  • Lenders must be USDA approved. 
  • Low interest rates, this is not a sub-prime mortgage
  • Flexible Credit Guidelines.

Few people including real estate agents and loan officers are aware of this government program.  If they were, a lot more homes that are on the market today would be selling.  Real estate agents and For Sale By Owners should use this 100 percent loan to their advantage in their advertising.

Not every home or buyer will qualify for this loan, but if they do they are getting one of the top mortgages with low interest rates on the market right now.

Maryland offers this loan program for all of Calvert County, parts of Charles County ( Waldorf is excluded ) all of St Mary's county and a small portion of Ann Arundel County to include Deal, Churchton and Shady Side.  Other Northern and Western Counties in Maryland also provide this Loan Prgram.

Feel free to contact me if you want more details or want the salary caps for qualified buyers.

 

Comments (4)

Anonymous
Linda Zebrowski

Hello, I would like to get more information about an RDA loan. I live in Massachusetts and would like to buy in Massachusetts. Could you please  contact me with some information to see if we qualify for one of these loans? Thank you, Linda Zebrowski 413-459-1229

Apr 20, 2010 10:48 AM
#1
Anonymous
Vernetta Montague

Im financing a single family home in capitol heights md and I maybe considering selling and buying in north beach md. I ve lived here since Dec 2012,almost 3 years.How do I qualify for the RDA Loan and how would it benefit me if I decide to move forward.

Jun 18, 2015 08:01 AM
#2
Anonymous
Stephanie Corley/Realtor

Qualifying for an RDA loan in Calvert is simple. You have to have a 620 or better credit score and it is based on your family income. A family of 1-4 people cannot make more than 101,000. You have a funding fee of 2% of your loan amount that can be rolled into your mortgage.
It must be your permanent residence when you buy. Feel free to contact me if you would like more information.
Stephanie Corley
REMAX 100

Jun 18, 2015 09:09 AM
#3
Stephanie Corley
REMAX 100 - Prince Frederick, MD
Home Sales - Maryland

Qualifying for an RDA loan in Calvert is simple. You have to have a 620 or better credit score and it is based on your family income. A family of 1-4 people cannot make more than 101,000. You have a funding fee of 2% of your loan amount that can be rolled into your mortgage.
It must be your permanent residence when you buy. Feel free to contact me if you would like more information.
Stephanie Corley
REMAX 100

Jun 18, 2015 09:26 AM