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.
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