Looking for a way to get a borrower into housing that doesn't require a down payment? Other than VA financing, the only other loan program that doesnt require a down payment is USDA! For those who are not familiar with this lending program, the United States Department of Agriculture offers lending programs for those in rural areas to acquire real estate. This program is 100% financing!
To be eligible for this loan program a borrower must meet income limits for the MSA and the property must be considered rural! In the area of the US that i work in, #Ukiah, California or #Mendocino County, and #Lake County, California or #Lakeport, the maximum amount of income that a family of up to four can make is $75,650. Five or more family members can make $99,850. This is actualy quite generous an income limit for these areas. Both of the counties are considered rural so every property qualifies!
If you are not sure if your borrower can qualify, you can of course talk with an approved mortgage banker that does USDA financing, #BayEquityHomeLoans has multiple branches in the US, and we are definately a USDA approved lender. Give us a call and we can help you determine if your borrower qualifies!