Here are some highlights of the USDA No Money Down program:
Finance full purchase price plus closing costs up to 103.5% of the appraised value with or without seller concessions
No cap on seller concessions, if seller is not paying closing costs, they can be rolled into the loan amount up to 103.5% of appraised value, not sales price. Great on foreclosures.
One lien, no down payment assistance required
No post-closing reserve requirements
Not limited to first time home buyers
Finance needed property improvements into loan amount up to 103.5% of â€œAfter Repaired Valueâ€ (case by case, contact me for details)
NO MORTGAGE INSURANCE: That means lower payments than FHA
Full doc only, must have stable work history (2+ years)
Self-Employed borrowers okay with 24 month average income
620 minimum credit score
No open collections, charge offs, judgments or tax liens
No pre-pay penalty
30 year fixed rates
Primary residence only
Available for SFRâ€™s, condos & town-homes only, No mobile homes or multi-family properties
To verify if a property is in an eligible area go to the following link:
If you would like more details on how to qualify for this loan please feel free to contact me at your convenience.
Elliott R. Oliva
Envoy Mortgage, LTD.