It may not be widely know, but the potential for a 100% financing loan is still available. Backed by the U.S. Dept of Agriculture, the Rural Housing Service has 100% financing for you to use to purchase a home. USDA offers direct loans as well as guaranteed loans to individuals who meet their eligibility requirements and are purchasing homes that meet specific criteria. In order to be eligible for a USDA loans, the household must meet certain income guidelines. Also, the home must be in an eligible rural area as defined by USDA. You can find their service maps or search by specific property HERE. While homes in larger cities in the area such as Modesto and Turlock will not typically qualify, much of the surrounding areas such as Oakdale, Hughson, and Denair have eligible properties. As of October 1, 2011, USDA loans will have a built in .30% annual fee attached for the life of the loan. This will be increase the average loan by about $17/month for every $100,000 borrowed. In addition, the up front cost to obtain the loan will be decreased.
For more information on USDA loans, please visit USDA Rural Development.
And when you're ready to buy or sell in central California, visit us at Turlock Homes
Adam Dalton, Realtor @ Century 21 M&M and Associates
Adam C Dalton · Century 21 M&M and Associates
1351 Geer Rd Suite 103· Turlock, CA 95380
209.844.4967 · Fax: 209.840.5440 · Adalton@c21mm.com
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