Queen Anne's County Maryland - USDA Rural Development Home Mortgage Loan - No Money Down - 100% Mortgage Financing
Outside of just a few areas, all of the Eastern Shore of Maryland is eligible for the USDA Rural Development Loan. Queen Anne's County home buyers who make less than $89,150 with a family household size of four or less and $117,700 for a family size of five or more (see below if income exceeds this amount) can qualify for a USDA Rural Loan offers home buyers the following benefits:
- Zero Down Payment Requirement
- Zero Monthly Mortgage Insurance Premiums
- Zero Cash Needed For Settlement:
- the USDA Rural Development Loan allows for up to 6% of the purchase price to cover seller paid closing cost help
- if the house appraises for more than the purchase price the difference between appraised value and purchase price can be used to cover a home buyers closing cost and escrows. The USDA Rural Loan is the only loan program that allows for the appraised value to be used to establish the maximum loan amount
- Very flexible credit requirement with a minimum 620 middle credit score
Whether you are looking to purchase a house in Chester, Queen Annes, Crumpton, Ingelside, Kingston, Queenstown, and Stevensville the USDA Loan Program is the best no-to-low down payment mortgage payment for borrowers who aren't eligible for the VA Loan. Compared to a FHA Loan, the USDA Rural Loan doesn't require a down payment and no monthly mortgage insurance premium. The cash flow savings achieved by using the USDA Loan can be determined by using USDA Vs FHA Cash Savings Calculator.
Other online tools available to buyers considering using the USDA No Money Down Loan include:
- USDA Zero Down Program Guidelines
- USDA Loan Income Qualifying Calculator - should the household income exceed $89,150 with a family household size of four or less and $117,700 for a family size of five or more there are USDA Loan approved "deductions" that can reduce the gross income allowing the borrower(s) to still qualify for the USDA Loan.
Renters will find that buying a house is more affordable than in years. Move-up home buyers who sell a house without walking away with much cash from the sale of their first house can purchase their next house with virtually no out-of-pocket cash for the purchase of the next home. With the USDA Loan no longer will a down payment or cash for a closing costs separate a Queen Anne's home buyer from achieving their dream of home ownership.
To learn more about the USDA Rural Development Mortgage Loan go to MarylandUSDA.com or call (410) 552-5912 to quickly get answers to your mortgage loan questions and determine your eligibility for the USDA No Money Down Loan Program.