Surrounding Red Oak area is a prime area for 100% financing on a home loan. Red Oak Texas buyers can get 100% financing on new home purchases in close by areas.
This 100% program is truly not just for rural housing but for most of the geographic areas surrounding Red Oak, Texas qualifies for:
- - 100% Financing Available- Small Monthly Mortgage Insurance (.30% of loan amount per year)- Interest Rates are still very competitive compared to Conventional and FHA.
- The biggest benefit is no down payment to a USDA loan- true 100% financing- with long term, 30 year fixed rate loans.
- Low MI (mortgage insurance) compare it to FHA and Conventional and see the savings!
- There are some geographic areas that do not allow for USDA loans- but most of the State of Texas qualifies.
- The simplest way to determine if you are in one of these areas is by entering an address into the USDA Property Eligiblity @ http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=sfp&NavKey=property%4011.
- If the property address is determined to be in an eligible area, you may use a USDA loan to purchase the home.
- Income limits do apply to USDA loans- but they are not as limiting as most would think- you do not have to be a "low income" family to qualify.
- Child care and dependents under 18 in the home can also alter the maximum income to be qualified for a USDA loan.