Allegany County Maryland - USDA Rural Development Home Mortgage Loan - No Money Down
Financing a home purchase in Allegany County has never been easier. All of Allegany County outside of Cumberland Maryland qualifies for the USDA Rural Development Mortgage Loan program. The USDA Rural Development Mortgage Loan offers flexible loan approval with a minimum credit score of 620, no money down financing, and no monthly mortgage insurance.
The mortgage is a secure 30 year fixed rate mortgage with a zero down payment that allows the seller to pay all closing costs or you can finance the closing cost into the loan if the house appraises for more than the purchase price.
Just think about it, houses throughout the majority of Allegany County including cities and towns like Barton, Ellerslie, Frostburg, Little Orleans, LaVale, Luke, Midland, Mount Savage, and Spring Gap can be financed using a No Money Down USDA Rural Development Home Mortgage Loan.
Keep in mind that there are income restrictions that will preclude home buyers making more than $89,150 for a family size of less than four and $117,700 for a family size of five or more from qualifying for the USDA Rural Development Loan. If your family income exceeds these limitations USDA Rural Development does allow for certain "deductions" as an offset to the gross income for qualification purposes. To learn more about these deduction go the Allegany County, Maryland USDA Rural Income Calculator.
What makes the USDA Rural Development Allegany County Loan Program so unusual in today's credit restrictive mortgage lending environment is that this rural loan program is available to both Allegany County Maryland first time home buyers and move-up buyers interested in an mortgage loan with:
- 100% Financed Mortgage
- No Monthly Mortgage Insurance Premium
- Flexible Credit Requirements
- 30 Year Fixed Rate Mortgage
If you are like many home buyers seeking a low down payment mortgage solution you may have been considering FHA. Before you move forward on your home purchase calculate your down payment and monthly payments savings by using a USDA Vs. FHA online mortgage calculator. You may just be able to purchase more house than you previously thought.
To learn about USDA Rural Development Mortgage Loan go to www.MarylandUSDA.com or call (410) 552-5912 so you can quickly get answers to your mortgage loan questions and determine your eligibility for this No Money Down Loan Program.