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

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

PG County Maryland is located directly adjacent to the Nations Capital.  Despite being a highly densly populated county there are areas that are rural and eligible for the USDA Rural Development Home Mortgage Loan program.  Parts of the southern portion of Prince Georges County will qualify for the No Down Payment Mortgage USDA Loan, including the towns of Accokeek, Aquasco, Brandywine, Marlton, and the areas east of Upper Marlboro. 

In addition to a $0 down payment requirement, the USDA Rural Loan has $0 monthly mortgage insurance, and $0 out-of-pocket buyer cash required at settlement when the seller pays the closings cost and/or the house is appraised for more than the purchase price; the difference can be applied to cover closing costs by adding that amount to the loan amount.  

With no monthly mortgage insurance home buyers using the USDA Rural Loan will find greater buying power than a comparable FHA Loan which requires a monthly mortgage insurance premium.  To compare the two loan programs home buyers can analyze their down payment cash requirements and monthly payments savings using a USDA Vs. FHA Loan Calculator.  By using the USDA loan home buyers will find that they can either save on their monthly payments, even though their loan size is more than FHA, or apply their monthly payment savings to buying a more expensive house and make the same monthly payment as if they had used a FHA loan program.

Prince Georges County No Money Down USDA LoanThere are a few other considerations when evaluating whether to use the USDA loan.  First off the property must be in "move-in" condition so this is not for a house that need work.  Second, the house can't have an in-ground pool.  Finally, the land value can't be more than 30% of the overall appraised value as established by the appraisal report.

Home buyer requirements include a minimum middle credit score of 620 for all borrowers on the loan.  The Rural Loan is designed for moderate income households which results in maximum income limitations restrictions, based on the size of the household, of $92,600 (1 to 4 household size) and $122,250 (5 plus household size).  Borrowers with gross income in excess of these limitations may still qualify for a USDA loan based on USDA approved deductible items and can run their personal scenario through the USDA Maryland Income Qualification Calculator.

Since a down payment is often the greatest challenge to home ownership; the USDA Rural Loan with its no down payment requirements, no monthly mortgage insurance, and lower monthly payment than a comparable FHA loan makes USDA Rural Development Loan the ideal mortgage if purchasing a house in an eligible USDA rural area. 

To learn more about the USDA Rural Development Mortgage Loan go to or call (410) 552-5912 to quickly get answers to your mortgage loan questions and determine your eligibility for this No Money Down Loan Program. 

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