Talbot County, Maryland - USDA Approved Zero Down Home Mortgage Loans - 100% Mortgage Financing
Perspective home buyers in Talbot County Maryland can't say that a down payment is holding them back from purchasing a house. Thanks to the USDA Rural Development Loan Program a Talbot County home buyer can move into a home using 100% Mortgage Financing, with No Down Payment, No Monthly Mortgage Insurance, and extremely flexible sources allowed to cover closing costs and escrows. A Talbot County home buyer can purchase a house with only $450 for the cost of the appraisal when the transaction is structured properly with the seller paying the closing costs and escrows.
If this sounds to good to be true its not. The U.S. Department of Agriculture wants to ensure mortgage opportunity in rural communities for moderate income households. The means that you can purchase a house in Easton, Newcomb, Oxford, Royal Oak, St. Michaels, Tighman Island, Trappe, Whitman, Wye Mills and everywhere else in Talbot County with no money down financing using the USDA Rural Development Loan program.
The USDA Rural Loan Program is a true no money down mortgage loan, without monthly mortgage insurance or MIP requirements, generous allowance for covering the buyers closing costs, and no payment suprises since it is a safe secure 30 year fixed rate mortgage.
The USDA Program Guidelines establish requirements for the borrowers and properties, which include:
- all borrowers on the mortgage loan must have a minimum 620 middle credit score
- household income must be "moderate" as defined by the USDA Rural Loan program as gross income under $89,150 for a family household size of four or less and gross income under $117,700 for a family household of five or less. If the household income exceeds these guidelines refer to the Talbot Maryland USDA Income Qualifying Calculator to determine if USDA approved deductions can be used for USDA qualifying purposes
- no in-ground swimming pools
- land value can't exceed 30% of the appraised value
- no "fixer-uppers," house must be "move-in condition"
- primary residence only
Home buyers thinking about purchasing a house with a FHA loan should determine if they can qualify for the USDA Rural Loan. Since the USDA loan doesn't require a 3.5% down payment or a monthly mortgage insurance premium the upfront and monthly cash savings on a USDA Loan are surprising. Think about it even though the USDA loan financed amount is larger, due to not having a down payment, the monthly payment is less. To calculate the savings achieved from using the USDA loan go to USDA Vs. FHA mortgage calculator, and then call me to get qualified for your USDA loan.
If a No Money Down Loan Program, with No Monthly MIP, No Maximum Mortgage Amount, and (when including seller help) No Out-Of-Pocket cash required at settlement seems to good to be true; it's not. To learn more the about USDA Rural Development Mortgage Loan go to MarylandUSDA.com or call (410) 552-5912 to get answers to your mortgage loan questions and determine your eligibility for the USDA No Money Down Loan Program.