Charles County, Maryland - USDA Approved Zero Down Home Mortgage Loans

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Mortgage and Lending with Millennial Home Loans, LLC NMLS #133925

Charles County, Maryland - USDA Approved Zero Down Home Mortgage LoansCharles County No Money Down USDA Loan

Home buyers in Charles County Maryland can purchase a house outside of St. Charles, Waldorf, and White Plains with no money down financing using the USDA Rural Development Loan program.  Eligible areas within Charles County include Bryans Road, Bryantown, Hughesville, Indian Head, LaPlata, Marbury, Port Tobacco, and Rock Point. 

The USDA Rural Development Loan Program is a true no money down mortgage loan, without monthly mortgage insurance or MIP requirements, generous allowance for covering the buyers closing costs, and no payment suprises since it is a safe secure 30 year fixed rate mortgage.

The USDA Program Guidelines establish requirements for the borrowers and properties, which include:

  • all borrowers on the mortgage loan must have a 620 minimum middle credit score
  • income must be document-able
  • since USDA Rural Development Loan is established to support "moderate" income households borrowers with a household size up to four and gross income over $92,600 and a household size over five with a gross income over $122,250 may not be eligible to participate in this loan program.  If the household income exceeds these guidelines refer to the Charles County Maryland USDA Income Qualifying Calculator to determine if USDA approved deductions can be used to lower the income for qualifying purposes
  • the property can't include an in-ground swimming pool
  • land value can't exceed 30% of the appraised value

Because the USDA Loan is more complicated to process than a FHA loan often inexperienced loan officers will not know or understand the benefits of the USDA loan program for Charles County home buyers.  FHA is a great loan program; but the loan requires a 3.5% down payment requirement and a monthly mortgage insurance premium.  Because of this USDA may offer a better loan solution.  Home buyers thinking about purchasing a single family home, townhome, condominium, and modular home in an USDA approved area should carefully analyze both loan programs to determine which loan program works best for them.  To assist in this analysis an online USDA Vs. FHA mortgage calculator is available to quickly determine the down payment and monthly payment savings achieved by using a USDA loan over a comparable FHA loan

If a No Money Down Loan Program, with No Monthly MIP, No Maximum Mortgage Amount, and (when including seller help) No Out-Of-Pocket cash required at settlement seems to good to be true; it isn't.  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.

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