Garrett County Maryland - USDA Rural Development Home Mortgage Loan - No Money Down

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

Garrett County Maryland - USDA Rural Development Home Mortgage Loan - No Money DownGarrett County USDA Loan No Money Down Mortgage

Normally the word "NO" is not considered a good thing when used in the same sentence as "mortgage loan" except if you are thinking about buying a house in Garrett County Maryland.  That's right NO is a good thing since all of Garrett County, including the towns of Accident, Bittinger, Friendsville, Grantsville, McHenry, and Swanton, is eligible for the USDA Loan program which offers home buyers:

  • NO Money Down mortgage financing
  • NO Cash Required At Closing when the seller agrees to pay your closing costs or the house appraises for more than the purchase price
  • NO Monthly Mortgage Insurance
  • NO Risky Adjustable Rate Mortgages.  This is a predictable 30 year fixed rate mortgage

Believe it or not, even though the mortgage amount is larger on a USDA loan Vs. a FHA loan, which is a result of the no down payment required on the USDA Loan, the home buyers monthly payment is still lower than a comparable FHA loan since there is no monthly mortgage insurance premium required.  To calculate the cash savings achieved by using a USDA Loan vs. a FHA Loan use this online USDA Vs FHA Cash Savings Calculator

While the USDA Rural Development Loan program offers flexible financing terms to meet its goal of increasing home ownership for moderate income homeowners in rural communities it also needs to ensure that borrowers that use the program and the properties being purchased meet certain requirments.  The USDA Rural Development Loan Guidelines include the following:

  • 620 minimum middle credit score for all borrowers on the loan
  • Maximum gross household income is limited to $89,150 (1-4 household size) and $117,700 (5+ household size).  If you household income exceeds this limit borrowers still may qualify for the loan provided certain USDA approved deductions will reduce the income for qualifying purposes.  To find out more reference the Garrett County Adjusted Gross Income Calculator
  • No manufacture homes, such as double-wides
  • No in-ground pools
  • The land value can't exceed 30% of the appraised value

Now is a great time to buy.  With a USDA loan home buyers can take advantage flexible loan terms, combined with today's low interest rates, and large selection of available homes for sale to purchase their new dream house.

To learn about USDA Rural Development Mortgage Loan go to 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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