100% Financing Exists in Texas!
Good day all,
I wanted to tell you about some programs that are still around and that you can take advantage of here in Texas that allow for 100% financing!
The first is the USDA home loan. This particular loan is for rural areas, of which Texas still has a ton of! Everything is bigger in Texas and homes with some land or rural properties are aplenty.
For the USDA home loan there are income limits for the household in order to qualify.
The loan may be used for:
- New or existing residential property to be used as a permanent residence. Closing cost and reasonable/customary expenses associated with the purchase may be included in the transaction
- A site with a new or existing dwelling
- Repairs and rehabilitation when associated with the purchase of an existing dwelling
- Special design features or permanently installed equipment to accommodate a household member who has a physical disability
- Reasonable and customary connection fees, assessments or the pro rata installment cost for utilities such as water, sewer, electricity and gas for which the buyer is liable
- A pro rata share of real estate taxes that is due and payable on the property at the time of loan closing. Funds can be allowed for the establishment of escrow accounts for real estate taxes and/or hazard and flood insurance premiums
- Essential household equipment such as wall-to-wall carpeting, ovens, ranges, refrigerators, washers, dryers, heating and cooling equipment as long as the equipment is conveyed with the dwelling
- Purchasing and installing measures to promote energy efficiency (e.g. insulation, double-paned glass and solar panels)
- Installing fixed broadband service to the household as long as the equipment is conveyed with the dwelling
- Site preparation costs, including grading, foundation plantings, seeding or sod installation, trees, walks, fences and driveways
There are certain areas that are eligible within the below list of financial eligibility.
If you would like to purchase a home in a rural and USDA eligible area, call me! Let's talk to a good lender that does this program to get you qualified to purchase your dream home!
VA loans are for veterans and for military personnel who are currently serving. A VA loan (also known as a Veterans Administration (VA) home loan) is one of the most useful military benefits. If you qualify, you can buy a home with as little as $0 down, with great rates and financing up to $453,100.
There is a funding fee paid when using your VA loan, which can be paid upfront, added into your loan, or be paid with a gift from family or asking for closing cost assistance from a seller.
VA loans are a little easier to qualify for than a conventional loan.
Some tax benefits of your VA loan are being able to deduct your mortgage interest, discount points, and origination fees.
I have some great resources for lenders that provide a USDA and VA loan, email or call me 817-470-8043 for recommendations!
Take care and have a blessed day!
Amy Steele
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