Laurel Savage Jessup Maryland - No Money Down Zero Down Home Mortgage Loans
I have a Secret . . . but you have to promise you won't tell anyone . . . I see houses, lots of them, that anyone can purchase right off of the 95 corridor between Washington and Baltimore in Howard County with No Money Down, No Monthly Mortgage Insurance, and when you work with the right Mortgage Lender and Realtor No Out-Of-Pocket Closing Costs.
These house are located everywhere on the Howard County side of Laurel, Savage, or Jessup and can be purchased with no money down financing through the USDA Rural Development Program. That's "No Money Down Financing" as in No Down Payment, 100% Mortgage Financing, and Zero Down Mortgage Loan.
Yet there's more! In addition to the 100% Mortgage Financing this loan program has No Monthly Mortgage Insurance and the ability for the home buyer to not have to come up with ANY CASH at the settlement table to cover closing costs and escrows. And since these houses are located in Howard County there is the added benefit of a school district that is ranked #1 in Maryland and property taxes dramatically less than in certain neighboring Counties.
Start your home search for houses in and around Laurel, Savage, and Jessup that are currently listed for sale:
Skeptical home buyers should be asking "what's the catch?" The primary restrictions to this loan program are as follows:
- The middle credit score for all borrowers on the loan is a minimum 620
- Maximum household income is capped at $122,250 for a family size of five or more and $92,600 for a family size less than five. If the household income exceeds these amounts reference the Howard County USDA Mortgage Loan Calculator to determine if deductible items can be applied to reduce the gross income for qualification purposes
- The property must not have an in ground pool
- Land value stated on the appraisal report can't exceed 30% of the overall property value
- The house must be in "move-in" condition so no "fixer-uppers"
- The property must be in a designated USDA Rural Development Area
As unbelievable as it sounds, in this day and age of restrictive lending guidelines and the media talking about how it is next to impossible to get a mortgage loan, I have had numerous Clients purchasing their house with only having to come up with the out-of-pocket cash to pay for the $450 appraisal fee.
If you were thinking about using a FHA Loan to purchase your house you may want to reevaluate your options. This No Money Down Loan Program has 0% down and No Monthly Mortgage Insurance Premiums, while FHA requires a 3.5% down payment and has a Monthly Mortgage Insurance Premium Requirement. This means when using the USDA Loan Program, even though the loan amount is larger (since there isn't any down payment), the monthly payment is LESS. To determine how much less cash you will need to purchase a house and your monthly payment savings use the USDA Vs FHA Cash Savings Calculator.
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. To learn about houses that qualify for this No Money Down Program contact my local USDA expert: Ken Johnson at Re/Max Advantage at (443) 799-8617.