Zero Down Home Loans in Bonney Lake are still available...but for how long?
As the title suggests, Zero Down Home Loans in Bonney Lake are still available...but for how long?
Last year, the super popular USDA Mortgage program ran put of money toward the end of April. This was because the demand for the program was more than expected.
There is no news of a similar shortfall of funds for 2011, but it is still early in the year. The USDA (United States Department of Agriculture) program for Rural Development has been key factor for helping homeowners obtain a Zero Down Home Loan in Bonney Lake.
Zero Down Home Loans in Bonney Lake are very hard to come by these days due to the sub-prime market meltdown. However, the USDA Rural Development program offers 100% financing (no money down) and also requires no mortgage insurance. Seller concessions are not as limited and the borrowers can be gifted the money for closing costs. The credit requirements are modest and actually don't have a minimum credit score limit!
There are 2 programs within the USDA Rural Development agenda. The Direct program and the Guaranteed program both offer the same benefits but the income requirements are different. The Direct program is for low income borrowers and the Guarantee program is for medium income borrowers.
Hopefully we will not run into the same shortfall of funds for this loan program like we did last year, but there are a few home market factors in this area that that seems to show more demand. Because Home prices have dropped so much, on many trasactions as of late, we have seen multiple offers. Boeing is hiring 11,000 workers in Washington State this year, so that will increase demand for this $0 Down Home Loan.
I can help you with purchase home loans as well as refinance loans with the USDA loan program. If you or a friend are looking for a Zero Down Home Loans in Bonney Lake, it could be a great loan for you, but there are some guidelines for qualifying. You can't make too much income to exceed the limit that USDA sets for. Also, thery won't lend in the city core of say Seattle, as this is a home loan aimed at helping what they define as 'rural' communities.
Don't let that fool you, as pretty much the whole town, even right on HWY 410 is eligible. We can check the USDA map for you and also see if you qualify based on the income chart for the Bonney Lake area. The funds are currently available for this loan program bu be aware of the issues last year. Even though this is the USDA Guarantee Zero Down Home Loan Program, we can't guarantee funds will be available all year long. Call me now at 206-497-8605 to see if you can enjoy the benefits of this loan!
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