100% Financing is still alive!!!!!!!
For about 20 years there has been a 100% financing loan available called the USDA Guaranteed Rural Housing Loan. That’s right, the United States Department of Agriculture. It’s called the guaranteed loan because like its FHA counterpart, the loan is made by the bank and guaranteed (insured) by the USDA (although the USDA does make direct loans). And you don’t have to be a migrant worker , own a horse, or live on 100 acres to be eligible. <br /><div><br /></div><div>Here’s the breakdown, in a nutshell:<br /><br />1. This is an income sensitive program. You can not make more than 115% of the HUD median income for the area (county) you are trying to purchase in. Many borrowers will not exceed this limit. For example, a married couple with one child can make upwards of $70,000.00 per year and still qualify. <br /><br />2. This program also has geographical restrictions. The program is intended for homes in rural areas, but you would be surprised to see what qualifies as rural. Many suburban areas qualify. You can check the property’s eligibility by going to this link: http://eligibility.sc.egov.usda.gov/eligibility<br /><br />3. The program is for primary residences only<br />4. 30 Year fixed rates<br />5. 102% Maximum financing – 100% of purchase price plus 2% guarantee fee.<br />6. Maximum 6% seller contribution allowed towards buyers closing costs.<br />7. No Monthly PMI.<br />8. Maximum loan amount = $417,000.<br />9. No cash reserves required.<br />10. Full Documentation Only.<br /><br />Call me and see you qualify!</div>