USDA 100% financing

By: choicefinance.net
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Answer #1

USDA 100 percent financing program

Areas include;

Some areas of Montgomery, Howard, and P.G. County

Southern Maryland- Charles, Calvert, Saint Mary's & Anne Arundel counties

Western Maryland- Frederick, Washington, Allegany, Garrett counties

Eastern Maryland- Harford, Cecil, Kent, Queen Anne's, Caroline, Talbot, Dorchester, Wicomico, Somerset & Worcester counties

Delaware- New Castle, Kent, Sussex counties

Much of Virginia- outside 'Northern Virginia'

–No PMI. That's right, no private mortgage insurance. This program has a two percent (2%) Guaranteed Fee but it can be financed into your loan. The same way VA loans have a Funding Fee and allow this Funding Fee to be financed.

–6% seller help is allowed. You can combine no money for your down payment AND find a home where the Seller will pay your closing costs. This combination will truly get you into your home with ZERO out of pocket. In fact, you could get money BACK at closing for the Earnest Money Deposit you gave upfront.

–No minimum contribution from your own funds. FHA requires 3% minimum. There are also no cash reserves required, not the case with your typical conventional loan.

–USDA home loan offers a fixed rate option for a primary, 1 unit residence. The current maximum loan amount is $417,000.

Contact us to see if the property you have in mind is eligible. Your Loan Officer can quickly tell you if the address or area you desire is a possibility. This no-money-down program is one of the few 100% options on the market today.

Answered By: choicefinance.net Level Rating

124points

Answer #2

You already have a fantastic answer. It covers almost everything. Just so you know the program is income limited so we have to have an address of where you want to live to make sure the house is in the right area and also that your income matches up to the area desired.

Here is the link if you wish to see for yourself.
http://eligibility.sc.egov.usda.gov/eligibility/w…

Hope this helps and let us know if you need more.

Thanks

Brent

nmlsr111407

Answered By: Level Rating

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