Anne Arundel County Maryland - USDA Rural Development Home Mortgage Loan - No Money Down
The USDA Rural Development Home Mortgage Loan program is a fantastic loan program for assisting home ownership in rural communities. Unfortunately, due to a high population density the majority of Anne Arundel County doesn't qualify for the USDA Rural Development No Down Payment Loan program. However, there area areas in Southern Anne Arundel County that may qualify for a USDA Rural Development Loan.
For areas in Southern Anne Arundel County that qualify for a USDA Rural Development mortgage loan, financing a home purchase has never been easier. The USDA Rural Development Mortgage Loan accepts borrowers with a middle credit score of only 620, doesn't require a down payment, and includes the added benefit of no monthly PMI. This results in a USDA Rural Development Mortgage Loan borrower having greater purchasing power than FHA. 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 the borrower can finance the closing cost into the loan if the house appraises for more than the purchase price.
Areas in Southern Anne Arundel County that qualify for the no money down, 100% mortgage financing includes the towns of Churchton, Deale, Galesville, Harwood, Lothian, and West River.
The USDA loan program for Anne Arundel County is designed for moderate income households. Thus there are income restrictions that will cap a household income at $92,600 and $122,250 for family household size less than four and five and more respectively. 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 determine whether you will qualify for a USDA loan when your income exceeds these thresholds go to the USDA Maryland Income Qualification Calculator.
For down payment challenged home buyers, interested in a 30 year fixed rate mortgage without a seperate monthly mortgage insurance cost, may want to consider buying a house in a part of Anne Arundel county that is eligible for this program. If you were considering using FHA to finance your loan; you may be able to afford more house even though you are financing a larger mortgage. Before you move forward on your home purchase calculate your down payment and monthly payments savings by using the USDA Vs. FHA online mortgage calculator. You may just be able to buy 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.
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