100% Financing Is Still Available

 

One of the best kept secrets in home financing is the USDA Rural Home Loan Program. This is a mortgage loan program that allows for 100% financing on purchasing a home. No down payment is required ! After October 1, FHA will not allow the Down Payment Assistance funds. This means that the USDA and VA will be the only loan allowing for 100% financing.

 

  No down payment required  -  100% financing  

 

  No cash reserves required

  No First Time Homebuyer Requirement

  New and existing homes OK

  Fully amortized 30-year fixed rate loan

  No minimum credit score required, common sense   underwriting

  100% gifted closing cost or down payment assistance is permitted

   Non-traditional credit may substitute for lack of traditional credit history

   No Mortgage Insurance

   No seller contribution limit

   No Prepayment Penalty

   Loan amount can include closing costs and prepaids up to 102% of appraised value

   No stated maximum loan amount; maximum loan based on repayment ability

   No minimum cash contribution required from borrower

   No limitation on source of funds for closing costs. No seasoning requirement

   No derogatory credit explanations required when credit score is 620 or above

   Rent is not verified with credit score of 620 or more

    Townhomes, modular homes and condos acceptable

    Closing costs can come from any source including gifts.

    Repairs and improvements can be included in the loan.

 

    Competitive fixed 30-year rates.

 

 

Occupy the property as your primary residence.

 Do not have sufficient cash for a 20% down payment plus pay typical loan closing and relocation expenses.

Be a U.S. citizen, a U.S. non-citizen national or a "qualified alien". 

Provide stable and dependable income for repayment ability.

 Have a credit history that indicates a willingness to meet obligations as they become due.

Have an adjusted household income that is within Rural Development guidelines based on the number of persons who will occupy the home.  

Purchase a residential property that is located in a Rural Development eligible area. 

 

No mortgage insurance saves you a lot of money.  Mortgage insurance raises your monthly payment, which REDUCES the amount of a home loan you may qualify to purchase. 

 

Guaranteed loans may allow you to qualify for a newer or larger home to meet your needs 

Did you know that the typical mortgage insurance premiums for the first 10 years on a $100,000.00 loan could cost you $6,000 or more?  The mortgage insurance can continue beyond the 10 years. 

 

The cost of Rural Development's guarantee is only $2,000.00 on a $100,000.00 loan. And this can be financed into the loan.

 
No mortgage insurance allows you to qualify for a larger mortgage amount. 

To determine if the property is within the Rural Development eligible area, go to the following link:

 

http://eligibility.sc.egov.usda.gov/ 

 

Please CALL NOW to learn more about this loan program.

 

863-577-0538 

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