It seems kind of silly to have to ask the question, "is that a bedroom?" when you see what obviously looks like one. Our friend, you might just be surprised that what you see might NOT be a bedroom
Exactly What Is The 100 Percent Guaranteed Loan Program
Maybe you've been hearing about the "USDA-Rural Development" loan program. It offers 100% financing to qualifying buyers who choose a home in rural areas, and sounds like the plan! But what is the USDA 502 Guaranteed Loan, exactly?
The single family housing, USDA 502 Guaranteed program is a government insured mortgage program for families in qualifying rural areas in the United States. The goal of the USDA loan program is to help rural communities in all 50 states expand by making homes more affordable through limited down payment and credit requirements. USDA Rural Development is one of the last 100% no money down mortgage programs available for non military VA home buyers in the U.S. The loan is especially good for first time home buyers and public service workers like Teachers, Firefighters, and Police officers that want to purchase a home but have limited savings. Many of these buyers find it difficult to save the down payment often required today for FHA and Conventional loans.
The USDA Rural Development loan has the following benefits:
USDA Loans require NO money down – up to 100% financing (102.75% with guarantee fee added)
Reduced monthly mortgage insurance costs (PMI) when compared to other loan options like FHA.
USDA closing costs can often be included or rolled into the loan. Closing costs can also be paid by the seller up to 6%.
There is NO maximum set loan amount limit with USDA Rural Housing.
No assets (large savings) are needed to qualify for USDA loans.
Qualifying for a USDA loan with lower credit scores is possible. Please note our current min required credit score is 620.
USDA mortgages are secure low 30 year fix interest rates set by approved lenders, banks and brokers.
Home buyers can choose to put down money down if they like.
USDA loans are for ANY new & existing single family residence located in a Rural Development approved eligible area or zone. Contact us today if you need help, we are always happy to discuss the eligible areas in your city.
The home being purchased can be a regular sale, short sale, foreclosure home, bank owned, buy owner sale, etc.
The USDA Single Family Housing 502 Guaranteed program is NOT reserved exclusively for first time home buyers, move up buyers are also welcome to apply.
No special first time buyers class, down payment assistance, grants or bond money needed with 100% USDA loans. In most cases you can qualify and start home shopping in the same day!
Effective June 1, 2016, the current interest rate for Single Family Housing Direct Home Loans is 3.00% for low and very low income borrowers.
If you're in the market for a home, let The Shields Team at Keller Williams Realty help you assess whether the home you are considering will qualify for the USDA Rural Development Loan. A lot of our area is within the qualifying geographic area for the loan. Call us today to further discuss the possibilities! (423) 5433-6517, or stop by our office at Keller Williams Realty, 1033 Hamilton Place in Johnson City. Let's get you in that new home!
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Holding a BS in Environmental Science, and MA in Education, real estate was not Shields Team Buyer Specialist Rayne Price's first career choice. It was only after encouragement from his wife and a cl....
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