People forget about the USDA loan program, but’s a great way to buy a house with no money down.
If you are looking for a home in the outter suburbs or in a rural area make sure your realtor knows about this great 100% financing program.
Here are some quick bullit points on the USDA program…
-Up to 100% of the Appraised Value – Total LTV of 102%
-No Down Payment Required
-No Cash Reserve Requirement.
-No cash contribution requirement.
-Unlimited seller concessions.
-Unrestricted gifts, not necessary to document source, no seasoning.
-First time home buyers allowed, but not limited to first time home buyers.
-Completed Short Sales are NOT regarded as a foreclosure or negative credit.
-We will need a clear CAIVRS and an adequate letter of explanation.
-Collections over 1 year may not need to be paid (cannot be a pattern and depends upon credit score).
-Non-traditional credit may substitute for lack of credit history.
-Repair Escrow financed in loan up to $10,000 or 10% of loan.
If you have more questions about getting qualified for this program just shoot me an email or give me a call.
Have a good day today! …and thanks for reading.
Brett