Yes, There Are Still Zero-Down Mortgage Programs Available! Plus you can still use the tax credit available*
Dont think that you can purchase a home because you dont have a 3.5% down payment available. One of the best loan programs available to home buyers is the USDA Rural Development Program. Dont let the lender name fool you. You dont need to live in a rural area. Although, some areas are ineligible for this loan. So the best way to find out if the area that you are considering living in is to check out the map. http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do
I have worked with buyers using FHA and Rural Development and on the buyers end and agents end of the home purchase, there isnt any difference. The timelines are the same. Not all lenders are approved to finance with the USDA Rural Development Mortgage program. Contact me directly at 810.844.2280 and I will put you in touch with some top-notch Rural Development Lenders!
Below are some components of the mortgage program that set it apart from other lender programs.
~NO down payment required.
~Perfect credit is not needed.
~Up to 6% in Seller Concessions (meaning the seller can contribute to YOUR closing costs.)
~Low interest rates and payments.
~Best of all~No monthly mortgage insurance!
I am not saying that you shouldnt have any savings, what I am saying is that USDA Rural Development is a great program. You can keep your savings for a rainy day instead of putting it toward your down payment.
Professionally Bringing Home Buyers and Sellers Together
www.MarvelousMichiganHomes.com
*You must have a bottom lined purchase agreement by 4/30/10 and close by 6/30/10 to be eligible for the tax credit
Comments(1)