Real Estate Tip

Rural 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

Tags: Foreclosure, Lease, mortgages, home loan, mortgage

Related posts

• Stop Foreclosure by Using a New Government Program (0)
• Renting to Own - How Some Common Mistakes Can Derail Your Dream (0)
• Need a Bad Credit Home Loan Refinance? (0)
• Mobile Home Foreclosure Leaves Banks on the Lot (0)
• Loan Modifications and Their Impact (0)

Tags: Foreclosure, home loan, Lease, mortgage, mortgage lender, mortgages

Leave a Reply

Name (required)

Mail (will not be published) (required)

Website