Rural Housing Loans - One of Two Zero Down Mortgages Left Available
Posted by: real estate / Category: Mortgage RefinanceRural Housing loans are one of two zero down mortgages left available to home buyers in this difficult credit environment. Rural Housing loans still offer a zero down payment and still do not have monthly mortgage insurance making the payment more affordable for home buyers. The seller can also cover up to 6% of the sale price towards the sale price. With no down payment and closing costs paid for by the seller, home buyers can potentially purchase a home still with no money needed at closing!
Rural housing loans consider anyone with a 620 credit score to be automatically credit approved and have more flexible credit guidelines when it comes to qualifying. In fact with a 620 credit score and the proper explanation the Rural Housing lender may ignore past bankruptcies and foreclosures! In this credit environment this is unheard of! Recently we just closed a loan for a new home buyer with a 613 credit score with the Rural Housing loan. Even with a score as low as 613 she was able to purchase the home $0 down and not need any money at closing. She would not have been approved for any other loan program unless she had at least 10% down.
Rural Housing loans have two requirements of the borrower. The first requirement is an income limit that varies by county and how many people will live in the household. The second is geographic restrictions, you have to purchase a home in a qualifying area. Each county will have areas that are eligible and ineligible. There are some counties however that do not have any restrictions. Both the income limits and eligibility maps for Michigan are on my website located below.
The other zero down mortgage is a VA loan in which you need to be a Veteran to qualify. The VA home loan is also zero down and does not have any monthly mortgage insurance. You can find more information regarding Rural Housing loans and VA home loans on my website by clicking on the link below.
Please visit our website at http://www.FastResultsMortgage.com and click on “Rural Housing Loans” for more information regarding Rural Housing home loans.
Holly Financial, Inc., a Michigan mortgage broker. Holly Financial, Inc. is fully licensed as mortgage broker and lender and as an approved FHA broker and lender in the state of Michigan.
We have specialized in Rural Housing home loans since our inception. We have over 30 years of combined home loan experience.
We have partnerships with some of the Nations leading mortgage lenders to ensure that you get the very best loan options and loan rates.
Jim_Papatheodore
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Things to know:
1. Check your financial status: can you afford a new home at a recession period? Do you have an emergency fund you can count on for at least six months? Are you sure you have a steady job as well as a stable job? Do you have enough money for the down payment?
2. Get a credible and well informed estate broker that could give you information about the best mortgage lenders. Do a proper research on few of them and establish a relation with at least two of them. This might involve opening account with the two. This… Continue reading
Since 2007 the housing market has been in turmoil.
Lenders stopped lending, house builders stopped building and home owners have slid in to negative equity.
Month after month house prices have slipped making the average price of a property in the region of 20% less than it was at peak. Only in recent months have the declines in the monthly falls really been noticed.
Many home owners are now stuck in negative equity unable to move. During the boom years when their house was worth a lot more they may have used the equity available from their home as unearned income. With this… Continue reading
With these first time home buyer grants from the government, new home owners can get down payment assistance to help them purchase their brand new home. This is funding that is provided to tax paying citizen, generally through local government agencies, and can be obtained regardless of income or credit.
First time home buyer grants can provide as much as $20,000 in cash to be used towards your down payment or closing costs. That’s instant equity that you can put into your home and more money that you can keep in your pocket.
Buying a home is one of the biggest purchases… Continue reading
OWN: Your home builds equity for your future. You can use equity to move up to a new larger home one day, or to help send your children to college.RENT: No equity is built, no matter how long you rent. It’s like pouring money down the drain.
OWN: You control your monthly payment.RENT: Landlord controls payment.
OWN: New home buying tip: mortgage interest is tax-deductible. The government’s loss is your gain.RENT: No tax benefits.
OWN: A nice, safe backyard for children to play. You have room for pets, and also a garden.RENT: No backyard, no garden. Often pets not allowed.
OWN: A new garage… Continue reading
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Tags: Foreclosure, home loan, Lease, mortgage, mortgage lender, mortgages
May 20th, 2009 at 12:43 am
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