Dorchester County Maryland - USDA Rural Development Home Mortgage Loan - No Money Down
Buying a home in Dorchester County Maryland has never been easier. Like the majority of the Eastern Shore of Maryland home buyers can purchase a house anywhere in Dorchester County and use a No Money Down Mortgage Loan through the USDA Rural Development program. This even includes the more built up areas of Dorchester County including Algonquin, Cambridge, Church Creek, Crapo, Eldorado, Hurlock, Madison, Taylors Island, and Wingate.
USDA is mandated by the Federal Government to assist in creating home ownership opportunities in rural communities. To facilitate this objective the USDA Rural Loan program allows qualifying home buyers the opportunity to purchase a house in Dorchester County with zero down, no monthly MIP, and seller closing cost help - if available - to cover settlements costs. If the house appraisers for more than the purchase price the home buyer can even include closing costs into the loan up to the appraised value.
This loan program is geared for moderate income households. USDA defines a moderate income household in Dorchester County as having a combined income of $89,150 or less for a family size up to four and $117,700 or less for a family size of five or more. If the combined income exceed this amount the borrower can use certain USDA approved deductions, such as child care expense, to lower the gross income in order to still qualify for the loan. An online Dorchester County Income Qualifying Calculatoris available to calculate these allowable deductions.
The property itself must meet the standards established in a FHA appraisal report, not include an in-ground pool, and the land value can't be more than 30% of the appraised value.
Comparing USDA to FHA is easy. Home buyers can determine if USDA is the right program by analyszing the down payment and monthly mortgage insurance premiums that FHA requires using this USDA Vs FHA Calculator.
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.