Some local towns in the Greater Fall River, MA area qualify for no-down payment loans.
The following article from REALTOR® Magazine Online describes a fantastic new home financing program available for buyers in rural areas. In our Greater Fall River area eligible towns include parts of Westport, Dartmouth, Swansea, Dighton, Berkley, Freetown MA., and Tiverton and Little Compton RI. Be sure to visit the for more information on property and income eligibility, and loan program basics.
Rural Buyers Can Get No-Down Payment Loans
Daily Real Estate News | Wednesday, August 03, 2011
Through its new Guaranteed Rural Housing Loan Program, insured by the U.S. Department of Agriculture, the lender will offer low- and moderate-income residents living in rural areas (usually defined by a population of 10,000 or less or, in some cases, 20,000 or less) several affordable housing finance options:
· No down payment required.
· Closing costs can come from any source, including gifts.
· Competitive 30-year fixed rates.
· No monthly mortgage insurance premiums.
Borrowers can obtain a loan to purchase a new or existing home that is located in a designated rural area.
“The USDA home loan program is one of the most compelling mortgage products in today’s challenging mortgage marketplace and offers real solutions for rural borrowers, especially those in need of 100 percent financing or with lower credit scores," John Walsh, president of Total Mortgage, said in a statement.
By REALTOR® Magazine Online
To learn more about the Greater Fall River area and exciting opportunities available here, visit my website at or contact me directly at 508-558-8035.