Zero Down Loans in Claremore, Oklahoma

By
Real Estate Agent with OklaHomes Realty, Claremore Oklahoma

Zero Down Loans in Claremore, Oklahoma

 



"There aren't any more zero down loans" is a something buyers hear all the time. "The Mortgage Crisis killed any special financing." is another. Many buyers may be reluctant to purchase their new home because of a lack of money for down payment and/or closing costs. In the reality of real estate today, nothing could be further from the truth. There are currently two methods for buyers to obtain zero down financing: VA Loans and Rural Development Loans. This blog will focus on the latter.Rural Development Loan

The Rural Development Guarenteed Housing Loan is operated through the United States Department of Agriculture (USDA) Rural Development section. The financing program has many requirements for both buyer eligibility and property requirements. Buyers must be able to afford the mortgage payments, including taxes and insurance. In addition, applicants must have reasonable credit histories. The USDA provides a website for determining your family's eligibility for rural development loans. In addition to the eligibility guidelines on the website, a buyer must also be a US citizen, cannot own another home, must not be deliquent on your taxes, and not have any other federally guarenteed loan as a loss.

Rural Development LoanWhy do I want a rural development loan? Aside of being able to obtain 100% financing, or zero down, a credit score as low as 620 is eligible. The seller is also allowed to pay an eligible buyers closing costs allowing you to purchase a home with no money out of your pocket. Another benefit is that rural development loans do not require Primary Mortgage Insurance (PMI), resulting in lower mortgage payments. Rural development programs are a great resource for rural areas such as Rogers County.

If you are searching for a REALTOR® who is knowledgeable about rural development loans and the properties in the area, my experience in this area may prove helpful. I am committed to doing my very best to help your family find the perfect home for zero down! Remember, what MATTERS to YOU, MATTERS to ME!

 

Comments (3)

Steve and Jan Bachman
RE/MAX Gateway, Reston, Herndon, Ashburn, Sterling, Fairfax - Herndon, VA
Realtors - Northern Virginia

Good one Jim. Sometimes surprisingly suburban areas can qualify for these beauties.

Also, I am so pleased to see some really nice affordable property for a change like you have in Claremore. Heck, I may move.

Mar 23, 2011 06:08 AM
Anonymous
Teresa Collins

Great job getting the word out there. These types of loans help buyers so much. The buyers I have worked with have enjoyed  wonderful success with RD loans. Sincerely, Teresa Collins

Mar 24, 2011 09:11 AM
#2
Barbara Todaro
RE/MAX Executive Realty - Retired - Franklin, MA
Previously Affiliated with The Todaro Team

Jim....nice blog post....very informative....keep up the good posting....

Mar 25, 2011 03:48 AM