Here are some helpful tidbits of information you need to know about the USDA loan program…
If you are looking for a home in the outter suburbs or in a rural area make sure your realtor knows about this great USDA 100% financing 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
That’s it for today!
If you know of anyone needing help with a mortgage please consider letting me help them!
Have a good day! …and thanks for reading.
Brett