USDA No Money Down Mortgage
December 16, 2008 by Eleanor
Filed under USDA Home Loans
We’ve helped many customers buy homes with an old program offered through the USDA… not farms… HOMES.
The Rurual Economic Development Fund is what it use to be called, now it’s just a part of the USDA, and the goal is to provide mortgages, and incentives for folks to purchase homes in less “densly” populated areas!
So, in Wake County, NC that would be the areas in Apex, Holly Springs and Wake Forest (click the links for maps). All of Fuquay and Garner qualify for a NO MONEY DOWN, USDA mortgage… parts of Durham qualify (look at the areas around Briar Creek!) and all of Johnston County qualifies.
Again, it’s a NO MONEY DOWN loan, with NO PMI! One of our customers was just quoted in the WSJ about this program! He said, “I couldn’t believe it until I got to closing!” He only paid $1200 out of pocket to get into a very nice $228,000 home!
If you want more information about qualifying for a USDA home loan, please click here! Remember! If you are a first time homebuyer, or you have not owned a home in the last three years, you might qualify for a $7500 Tax Credit!
PS! The program is running out of money. Please click here for details!
No money down- that’s what got us into this stinking mess in the first place. If people can’t afford to save for a down payment- maybe they shouldn’t be taking on a loan of $228,000 at all! These are the very folks who will later default! Why have we grown up as a society of “I want it now, therefore a SHOULD have it now” without working for it?” Disgusting
Not ALL people are going to default. What about us people who pay all our bills on time, have good credit scores but just don’t have YEARS to save for a down payment and want to get out of cramped apartment living & don’t like wasting money on rent every month? Being responsible we know what we can and can’t afford every month and the houses we are looking at are in our range. Its a good program for those who use it right. (and we are not looking at $228,000 homes either, just a modest $140,000 or below)
The USDA program is actually one of the “safest” lowest default programs out there!