USDA Home loans, consider the benefits vs. other loan types. USDA home loans are backed through the Rural Housing Division of the U.S. Dept. of Agriculture. They are available to millions of eligible primary home buyers with low incomes or scarce funds for down payments.
Features, benefits and things you need to know:
· Zero Down – While many in the media and elsewhere have long since considered this possibility extinct, that’s not all the case with the USDA home loan. Thirty year fixed rate loans with no pre-payment penalty are the norm and rates are very competitive with conventional loans.
· Eligible Property – These loans are limited to “rural” areas though you might be surprised by some of the suburbs of major metropolitan areas that qualify by that definition. Homes should be modest in size and cost and constructed per local codes and regulations.
· Eligible Borrowers – There is general availability for qualified borrowers that earn up to 115% of the area median income. Even candidates that have had past credit issues with late pays, bankruptcies or foreclosure may be eligible. Borrower’s income must support the proposed payments and meet the program requirements for approval. Primary occupancy is required, this program is not for investment properties.
· Benefits – The USDA home loan program will finance up to 102% of the purchase price (appraisal permitting) in order to allow the inclusion of closing costs in the loan amount. Gift money is allowed. Seller contributions are allowed and this all adds up to being one of the best programs for buyers with very limited cash to close.
If you have questions, want to find out if you qualify or maybe you just want to learn about the areas that meet the rural designation criteria: please don’t hesitate to reach out at any time as I'm always happy to help.
To download the USDA home loan flyer with the above information click the link below. https://www.box.com/s/1ul83zxhdfwaiygcdhdu
*Colorado Realtors: If you would like to have this flyer customized with your information just let me know and I will add your contact info next to mine as a co-marketed flyer.
And don’t complain to me about being next to me or else I will start to get a complex about the way I look or something. J
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