Cecil County, Maryland - USDA Approved Zero Down Home Mortgage Loans
All of Cecil County Maryland, except for the City of Northeast, has been approved by the Federal Government through the U.S. Department of Agriculture (USDA) Rural Development Loan Program as a designated rural development area. As a rural designated area Cecil County home buyers can qualify for $0 down payment home mortgage loan, with $0 monthly mortgage insurance, and with seller paid closing cost help $0 cash required at the settlement table.
Cecil County home buyers are able to purchase a house with such flexible loan terms since USDA wants to promote stability and home ownership in rural communities. This little known loan program covers the towns of Cecilton, Conowingo, Colora, Charlestown, Earleveille, Georgetown, Perryville, Risign Sun, Warwick, and all other parts of Cecil County except for Northeast.
Since many Lenders and Loan Officers don't offer this loan program many perspective buyers who don't have a down payment believe that they must wait till they save up 3.5% or more to purchase a house. Even if a home buyer has saved up the minimum 3.5% down payment for FHA they should still consider the No Money Down USDA Rural Loan Vs. FHA since the USDA mortgage loan doesn't have a monthly mortgage insurance premium. With no money down and no monthly mortgage insurance premium, a home buyer using USDA Rural Loan can achieve a lower mortgage payment with USDA or obtain a larger mortgage and/or higher priced house with a comparable or lower payment than FHA.
Since this is a Federal Government Backed Mortgage Loan this program is available only using a safe, secure 30 year fixed rate mortgage. Other loan guidelines include:
- all borrowers on the loan must have a 620 or greater middle credit score. (Less than a 620 middle score call me and I can discuss with you how to improve your scores as quickly as 3 business days)
- household income can't exceed $90,050 for a family size up to four and $118,850 for a family size of five or more (make more than these amounts? See below for more information on qualifying guidelines)
- appraised land value can't exceed 30% of the overall property value
- no in-ground pools allowed
The Cecil County Maryland USDA Rural Development Loan program website provides free online calculator that will determine:
- Max USDA Loan Income Calculator households that exceed the $90,050 and $118,850 Cecil County income limitations previously mentioned can still qualify for a USDA Mortgage Loan in Cecil County provided they have certain "deductions" as an offset to the gross income for income qualifying purposes
- USDA Vs. FHA mortgage down payment and monthly payment savings achieved by using the USDA loan over a comparable FHA loan
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 the USDA No Money Down Loan Program.