Network Funding has teamed with Chris Thomas and Realty Executives to help first time home buyers in Hammond, Louisiana purchase their new home. The combined experience and teamwork will ensure that the home buyer recieves the very best service available.
One of the little known benefits of buying a home in Hammond, LA and Tangipahoa, and St. Tammany Parishes is that most homes in these areas qualify for the USDA-Rural Development Zero Down Payment mortgage program. That means that under the guidelines of this government-sponsored Loan program,you are not required to make a downpayment nor do you pay mortgage insurance or PMI
On a $130,000 home, you save money two ways: First,you save $4,550 by not making the FHA down payment (3.5%) and two, borrowers save $118/month in MI (monthly mortgage insurance). The savings make RD program a great opportunity for first time homebuyers; helping them qualify for more home for less money.
There are however three primary requirements for qualifying for this program:
(1) The borrower must not exceed the annual household income requirements (example. a family of 1-4 must not exceed a household income greater than $74,050 per year.) I recommend a quick phone call, to discuss your ‘total household income' under program guidelines.
(2) Second, the borrower must purchase a home in a USDA-RD approved region. All of the Hammond, Ponchatoula, Amite, Albany, Springfield areas are in the Eligible area.
(3) USDA Credit Score Guidelines. The USDA program is about as "flexible" as any home loan program available today. In some cases, borrowers may even qualify with collections or a recent short sale.
When you are ready to look at homes that qualify for the USDA, Rural Development no down payment program, you can contact Chris Thomas with Realty Executives. Chris works with buyers all across the Northshore, helping them find the perfect home. Call him at 504-400-5800 or visit him online HERE
As always, if you have any questions, please feel free to contact me directly at 225 490 9513 or visit me online at www.mcdonaldmortgage.com or you can
Bill McDonald 225 490 9513
Tanipahoa Parish, home loan, mortgage, Hammond, Ponchatoula, Northshore, Amite, Loranger, Franklinton, Albany, Springfield, Kentwood, USDA Rural Development,No Down Payment, 100%, First Time Home Buyer, USDA, RD.