Somerset County Maryland - USDA Rural Development Home Mortgage Loan - No Money Down - 100% Mortgage Financing

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

Somerset County Maryland - USDA Rural Development Home Mortgage Loan - No Money Down - 100% Mortgage Financing

The media loves to report how tough it is to obtain a mortgage loan.  While it is true that getting a loan approved is far harder today than three years ago.  But for home buyers meeting certain minimum requirements home ownership in Somerset County is far easier than what is being reported in the news.

Thanks to the USDA Rural Development Loan, which is chartered with increasing home ownership in (1) rural communities for (2) moderate income households, allows Somerset County home buyers to purchase a home with the following favorable loan terms:

  • Zero-$0 Down Payment
  • Zero-$0 Monthly Mortgage Insurance
  • Zero-$0 Cash out-of-pocket Closing Cost when the Seller pays the buyers closing costs and escrows or the house appraises for more than the purchase price and the loan size is increased up to appraised value to include the buyers closing costs and escrows
  • Safe, predictable, secure 30 year fixed rate mortgage

Whether the house is in Crisfield, Deal Island, Manokin, Marion Station, Mount Vernon, Pocomoke City, Princess Anne, or Westover or anywhere else in Somerset County the USDA Mortgage Loan saves USDA borrowers Vs. FHA borrowers a 3.5% down payment and the monthly mortgage insurance premium.  Since the USDA Loan doesn't require a monthly mortgage insurance premium the USDA Loan has a monthly payment that is still lower than a comparable FHA loan.   To calculate the upfront and monthly cash savings achieved by using a USDA Loan vs. a FHA Loan use this online USDA Vs FHA Cash Savings Calculator

USDA loan guideline restrictions include:

  • 620 minimum middle credit score for all borrowers on the loan
  • To comply with the moderate income requirements the USDA loan is limited to $89,150 (1-4 household size) and $117,700 (5+ household size).  Should the household income exceed these limitations the USDA loan takes into consideration certain items that can be used to reduce the gross income.  To calculate these allowable deductions home buyers can calculate their adjusted gross income using the Somerset Gross Income Calculator
  • Single Family Homes, Townhomes, Condominiums allowed.  Not allowed manufacture homes, such as double-wides
  • In-ground pools aren't permited
  • The land value can't exceed 30% of the appraised value

The USDA Rural Loan allows both first time home buyers and move-up buyers the ability to purchase a home without any out-of-pocket cash.  With a USDA loan Somerset home buyers can take advantage of flexible loan terms, low interest rates, and large selection of available homes for sale to purchase their new dream house.

To learn about the 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.

Comments (1)