Little to No Money Down Mortgages Are Still Available!

Little to No Money Down Mortgages Are Still Available!

There is so much talk these days concerning the added income, assets and higher credit score it takes to qualify for a mortgage. Perhaps one of the most misunderstood conceptions out there today suggests home buyers will need at least 20 percent down to qualify for a mortgage.

That could not be further from the truth. The truth is, home loans are still available with little to no money down.

There are several ways to get a little to no money down home loan. USDA Rural Housing programs, VA loans for veterans, and FHA mortgages are some of these programs Here is a rundown of the USDA program and what is required.

USDA Rural Development Home Loans

USDA loans are 100 percent zero-down mortgages designed to make it easier for people to buy homes in rural areas of the country including many homes in Indiana. To get a USDA mortgage, your property must be eligible (primary residence in a designated rural area) and you must be eligible too (income cannot exceed 115 percent of the median household income for your area). Perhaps to your surprise, much of the U.S. is considered rural. To see if your area qualifies, you can check the property’s eligibility on the USDA website. You can check your income eligibility as well.

Moderate-income borrowers can get USDA Guaranteed Loans, in which the money comes from private lenders. As with VA and FHA mortgages, you need to shop for the best mortgage rates and terms because they are not dictated by law.

We enjoy helping potential home owners learn all aspects of the home buying process and would love to share some more of our knowledge about mortgages with you! Feel free to contact us with your USDA questions.

 

 

 

DISCLAIMER: Neither Indiana USDA Mortgages (IndianaUSDAmortgages.com) nor LeaderOne Financial Corporation is affiliated with any government agencies, including the USDA.