A Great No Money Down Home Purchase Program for Massachusetts Home Loan Applicants
Mortgage financing is constantly changing. But, there is a program that still offers a no money down purchase home loan: the USDA Home Loan Program
This program provides the following:
• No Money Down Loan No Maximum Loan Limits
• No Monthly Mortgage Insurance
• Seller Concessions Allowed
• Low monthly payments
• 30 year fixed rate mortgages
• Low rates even for those with less than perfect credit.
See a comparison between FHA, Conventional, and USDA Mortgage Home Loan Programs for a purchase price of $250,000.
Notice the USDA Mortgage Home Loan Program provides total monthly payments which are less than FHA or conventional mortgage financing. The down-payment requirements for all 3 scenarios show that the USDA Mortgage Home loan allows you to keep your reserves to help ensure you will be successful in your new home.
As shown in the example: The USDA Mortgage Home Loan has zero down and the lowest monthly mortgage payment. Down payment required: $0.00
Limitations of the Program
The USDA Mortgage Home Loan Program does have some qualifying guidelines that must be met:
• Location Restrictions
The property being financed must fall within USDA designated eligible areas. Call me and I will check the property address for eligibility.
• Income Restrictions
USDA does have income limits to qualify for this loan. Limitations depend on household size, number of dependents, etc. Call me and I will verify that you meet the program guidelines.
.Property Type Restrictions
USDA Mortgage Home Loans are only available for single family properties and condos
. Occupany Restrictions
USDA Mortgage Home Loans are for owner occupied properties only.
For more information on The USDA Mortgage Home Loan Program or to get prequalified for your next home, give me a call at 800-941-5616 or email at Jeff@StarMortgage.com.
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