100% PURCHASE LOANS TO BUY A HOUSE ARE AVAILABLE BUT CHANGES POSSIBLE
What is a 100% PURCHASE LOAN TO BUY A HOUSE and who qualifies to get one?
The 100% PURCHASE LOAN is a USDA Guaranteed Loan that is Government insured.
It is only available in rural areas like parts of St Mary's, Calvert and Charles Counties in Southern Maryland.
The Lender must follow Federal guide lines.
The BUYER must meet specific qualifications in income.
The HOUSE must be located in specific rural areas.
This type of loan is often referred to as a Rural Development Loan.
This Loan continues to evolve. Changes are being considered for October 1, 2011.
Presently, if YOU and the HOUSE qualify, YOU can borrow 100% of the Loan amount with an upfront fee of 3.5%, of the Sales Price, which is wrapped into YOUR Loan. This means YOU make NO downpayment.
The change being considered is to reduce the upfront fee to 2% and charge a new Annual Fee of .3%.
I am not a Lender please confirm these figures with your Lender. A Lender with whom I am affiliated indicated that as of this writing, July 2011, there are plenty of funds available for YOU.
I am qualified to help YOU buy your home. YOU need a Buyer's Agent to represent YOU.
ASK A QUESTION HERE RealEstate@MargaretC.com
CALL or TEXT 301 481 8407 for a FREE Consultation
I am a Century 21 New Millennium Real Estate Agent. Ask for MARGARET C.
I welcome your REFERRALS.
This blog is for informational purposes only and is not intended as legal or tax advice. An Attorney, CPA or other specialist should be consulted for specific needs.