Special offer

102 % Financing Available Again Through USDA A Great Time To Buy

By
Real Estate Agent with Diane Turton Realtors 0017668

A USDA Guaranteed Loan is Government insured
100% purchase loan. These Loans are only
offered in rural areas and serviced by direct
lenders that meet federal guidelines.

Loan Limits-

Ocean County $232,600

Monmouth County $218,600

Atlantic $227,600

Cape May $240,000

Middlesex $261,900

To be eligible, applicants must:
Have an adequate and dependable income;

Be a U.S. Citizen, qualified alien, or be legally
admitted to the United States for permanent
residence;

Have an adjusted annual household income
that does not exceed the moderate income
limit established for the area. A family's
income includes the total gross income of the
applicant, co-applicant and any other adults in
the household. Applicants may be eligible to
make certain adjustments to gross income-
such as annual child care expenses and $480
for each minor child-in order to qualify.

Have a credit history that indicates a reasonable
willingness to meet obligations as they
become due;

Have repayment ability based on the following
ratios: Principle, Interest, Taxes, and Insurance
(PITI) divided by gross monthly income must be
equal to or less than 29 percent.

Total debt divided by gross monthly income must
be equal to, or less than, 41 percent.

Homes That Qualify:

Guaranteed loans can be made on either new or
existing homes;

Existing homes must be structurally sound,
functionally adequate, and in good repair;

There are no restrictions on the size or design of
the home financed;

The home must not be used for income-producing
purposes;

Homes must be located in rural areas. Rural areas
include open country and places with a
population of 10,000 or less and-under certain
conditions-towns and cities with
between 10,000 and 25,000 residents.

If you would like further deatails about purchasing a home  in Ocean & Monmouth Counties Call Me.

Dawn Marie 732-581-9414 Cell Direct 1-800-677-4033 Office

www.njwaterfront.com      www.crossroadsrealtynj.com

 

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