If you are looking to buy a home in Dillon , take advantage of this 0% down payment option. Read more below:
-Interest Rates on this program are still competitive compared to both FHA and Conventional Loans.
This program offers 100% financing available with minimal monthly mortgage insurance (consists of about .30% of loan amounts per year). The biggest features of a USDA home loan include 100% financing with no down payment and interest rates that are fixed for 30 years. Compare the low MI (Mortgage Insurance) to other loan programs that aren't nearly as low and you will see the difference.
There are many differences when qualifying for a USDA loan that you should be aware of. These differences are: Some geographic areas don't qualify, but most of the State of Colorado does qualify for USDA loans.
To determine if your area is eligible is by visiting this website and putting in your address: http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=sfp&NavKey=property%4011
If your property is in an eligible area, you can use a USDA loan to purchase the new home. There are also credits that are afforded for child care and dependents under 18 years of age as you calculate the family's "qualifying income." An important part is to find a lender that provides "in-house" USDA home loan programs.
We are one of only a few lenders who also offer the Colorado Home Buyer Tax Credit which will save you an additional (on average) over $100 per month off your mortgage interest.
For more information on getting a USDA loan, please contact RJ Baxter, NMLS #395819 at 303-670-0137, http://www.cohomesandloans.com.