Friday, March 11, 2011

WHAT IS USDA??? 100% FINANCING!!!!

WHAT IS USDA??? 100% FINANCING!!!!

* NO MONTHLY MORTGAGE INSURANCE!!! Results in LOWER MONTHLY PAYMENTS!!!!
* Closing Costs and Pre-Paids CAN be financed!!!
* Conforming loan limit to $417,000 so we’re not talking about distressed homes!
* 30-Year FIXED and Loan is assumable so re-sales are more marketable.

TO BE ELIGIBLE:
* Minimum Credit Score = 620 (Subject to Credit Report)
* Income Limits: $74,050 for a family of 1-4; $97,750 for a family of 5-9
* You have to be a US citizen OR eligible to work in the US and have a SS number.
* Eligible property must be your permanent residence and ALL buyers must occupy the property so this is not a program suited for investors.

LOWER MONTHLY PAYMENTS:
Example of FHA versus USDA Monthly Payments including Principle, Interest, Taxes & Insurance:
FHA: $150,000 Sales Price = $1249.32 Monthly Payment
USDA: $150,000 Sales Price = $1186.63 Monthly Payment

If this perks your interest and you are in the market to make a move, give me a call or send an email for additional info on this valuable program.

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