You CAN buy a home with no money down!

No Money Down, and Down Payment Assistance Programs.

If you want to buy a home with no money down, please visit the link "No Money Down" at the end of the article.

Guaranteed Rural Housing Loans (USDA) Rural Development - Ohio has been a leader nationally in utilizing the Guaranteed Rural Housing program. The combination of no down payment required and no mortgage insurance needed with competitive 30 year fixed rates makes the Guaranteed Rural Housing program an attractive source of financing. Many people are seeking down payment assistance or homes with no money down. If that is what you are looking for, then you must read the following information:

Many Cincy Area Properties are No Money Down:

Visit our Southern Ohio real estate site, find a home, click inquire and we'll go to work to save you every penny possible. We excel and getting your closing costs covered too!

http://www.swohiorealestate.com/

To be considered eligible for a Guaranteed Rural Housing Loan, applicants must:

• Have an adequate and dependable income.
• Be a U.S. citizen, qualified alien, or be legally admitted to the United States for permanent residence.
• Have an adjusted annual household income that does not exceed the moderate income limit established for the area. A family's income includes the total gross income of the applicant, co-applicant and any other adults in the household. Applicants may be eligible to make certain adjustments to gross income - such as annual child care expenses and $480 for each minor child - in order to qualify. USDA Rural Development field offices can provide information on the moderate income limits for the areas that fall within their jurisdiction, and can provide further guidance on calculating household income. There is an automated income eligibility calculator available, visit the No Money Down link below this article.
• Have a credit history that indicates a reasonable willingness to meet obligations as they become due; Have repayment
  ability based on the following ratios: Principle, Interest, Taxes, and Insurance (PITI) divided by gross monthly income must be equal to or less than 29 percent. Total debt divided by gross monthly income must be equal to, or less than, 41 percent.

Homes That Qualify:

• Guaranteed loans can be made on either new or existing homes.
• Existing homes must be structurally sound, functionally adequate, and in good repair.
• There are no restrictions on the size or design of the home financed.
• The home must not be used for income-producing purposes.
• Homes must be located in rural areas. Rural areas include open country and places with a population of 10,000 or less and - under certain conditions - towns and cities with between 10,000 and 25,000 residents. USDA Rural Development field offices can determine eligible areas. There is an automated rural area eligibility calculator available, just follow the link to our No Money Down page below this article.

Prudential One Realtors would be happy to help you locate any eligible homes! We can personally customize a free listing search based upon your search criteria and send you only the homes that qualify and would be of interest to you!

Highlights of the USDA Guaranteed Rural Housing Loan Program:

• Loans may be for up to 100 percent (103.5 percent if the guarantee fee is included in the loan) of appraised value or for the acquisition cost, whichever is less. No down payment is required.
• Mortgages are 30-year fixed rate at market interest rates; Loans may include funds for closing costs, the guarantee fee, legal fees, title services, cost of establishing an escrow account and other pre-paid items. If the appraised value is higher than sales price, sellers may contribute to the buyer's closing costs.
• Home buyers make application with participating lenders.
• Buyers must personally occupy the dwelling following the purchase.
• Loans may be made to refinance either existing USDA Rural Development Guaranteed housing loans or our Section 502 Direct housing loans.
• For purchase loans, a one-time guarantee fee equal to 3.5 percent of the loan amount is charged to the lender. The charge for refinance loans is 1.0 percent. Typically, the lender passes on this expense to the borrower as a closing cost. After the one-time fee is paid, there is no recurring monthly expense charged for guaranteeing the loan;
• Closed loans have secondary market acceptability, including Freddie Mac, Fannie Mae, Ginnie Mae pools, and many state housing finance agencies.
• Guaranteed loans are subject to the provisions of the Civil Rights statutes, including the Equal Credit Opportunity Act.
• The USDA Rural Devopment loan program is intended to help people who want to buy a home in areas of population of 25,000 or less. To see if your next home is in an eligible area, just visit the link to our No Money Down page below.