The USDA program is still offering 100% financing, but there are income & geographic limitations (see links below).
Here are some highlights of the program that you should be aware of:
â€¢ Credit score must be at least 640+
â€¢ Borrower is not required to be a first-time homebuyer, but a home buyer education is required for all first time home buyers
â€¢ No minimum borrower cash contribution.
â€¢ Maximum 100% LTV based on appraised value (102.00% LTV including the 2.00% Guarantee Fee financed in)
â€¢ Seller contribution typically limited to 6% (may cover closing costs & pre-paids)
â€¢ 30 Yr Fixed Rate
â€¢ Low Monthly Mortgage Insurance is required
â€¢ No borrower reserve requirement
â€¢ In-ground swimming pools are only permitted if given no value in the appraisal
â€¢ Chap 7 & 13 Bankruptcy/Foreclosures â€“ typically must be discharged at least 36 months
USDA Income Limitations
Use this map to get an overview of where this program might be available. You can then use the property search link above to determine the eligibility of the actual property address. From the UDA website, you can also zoom in on the map to get more accurate boundaries.
If you are looking to purchase a property, working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your mortgage options. To get Pre-Qualified for your purchase, you can submit your request online at www.rodneymason.com.
Rodney Mason, NMLS #151088
Sr Loan Officer
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.
Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203(k) Renovation (Streamline & Consultant) | HomePathÂ® | HomePathÂ® Renovation | HomeStyleÂ® Renovation | VA | USDA | GA Dream | Jumbo Financing.... more