The best kept secret in mortgage lending is the 100% financing, zero down, USDA Home Loan, now available in Cedaredge CO and surrounding areas.
USDA Loans have many advantages over other types of mortgage loans. For one, they allow for 100% financing, with the possibility to finance the home buyer's closing costs into the new loan. This means it's possible that you can get into the home of your dreams for nothing out of your pocket!
Another great feature of Cedaredge Colorado USDA Loans is low monthly mortgage insurance compared to other types of loan programs. Mortgage insurance is a monthly insurance premium that adds to your payment, but only helps the lender in case you default on your mortgage payments, so that they can recover their money. USDA mortgage insurance rates are a fraction of the premiums you will pay with other types of loan programs.
Check Colorado USDA Mortgage Rates here.
So how do you qualify for a USDA Rural Housing Mortgage Loan in Cedaredge Colorado?
The first step is to make sure your credit is good enough to qualify for a Colorado USDA Loan. Luckily, the credit standards are lenient, with a minimum credit score of 620, and some credit problems in the past are OK.
The next thing that must be checked is if your home qualifies for the program. USDA Loans are meant for homes in rural areas or small towns, so check your home's eligibility here: http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do
If your home is eligible and your qualify based on your credit, the next step is to have a Colorado USDA Lender fully pre-approve you so that you make sure you can qualify for the home before you make an offer. It is very important to work with a lender who has in-house USDA underwriting and who understands all of the unique aspects of USDA Mortgage Loans.
If this is your first time buying a home or if you are buying a home in a targeted area (call us to see if your home is in a targeted area), you may also qualify for the Colorado home buyer tax credit which will give you an additional (on average) over $100 per month in interest savings on your mortgage. We specialize in helping our USDA buyers get the tax credit when they purchase a home.
To find out if you qualify for a 100% USDA Mortgage Loan in Cedaredge CO, call RJ Baxter at 303-670-0137, or visit our Colorado USDA Loan website to check rates and get more information.
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