So you thought 100% financing was a thing of the past? Well for the most part 100 percent financing is unless you are a veteran who qualifies for a VA loan however you may qualify for a government program called the USDA rural.
The home you are buying must be located within an eligible rural area defined by the USDA, many areas of Hillsborough county do qualify.In order to be eligible for many USDA loans, household income must meet certain guidelines as well.
Some benefits of the USDA Rural program
No Down Payment
Closing Costs can come from any source including a gift
Repairs and Improvements can be rolled into the loan
No Private Mortgage Insurance
Competitive 30 year fixed rates
Choose from local authorized lenders
If you don’t qualify for the USDA 100% financing then your next best option would be the ever growing popular FHA loan which only requires a 3.5% down payment.
To find out if you may qualify for the USDA Rural program please contact Danny Nappi @ 813-365-3574 or fill out the contact form and one of our agents will contact you.
{ 3 comments… read them below or add one }
No down payment and 30 year fixed rates are really an eye opener and I bet it will lure more customers. I remember reading an article dated May 2009 that As of April 2009 there have been 27 homes sold over 1 Million Dollars in Tampa. And I am wondering what will be the status on such high end deals now?
Regards,
Mack McMillan
.-= Mack@Las Vegas Real Estate´s last blog ..Commercial Real Estate Bubble =-.
hey thanks for share a great information with us. This is very interesting to hear about 100 percent financing.
Do you also have the direct loan programs from USDA? I am in Jefferson County Missouri and we have a subsidized loan program where it is 100% USDA financing but then they also subsidize your payments so you can qualify for more homke. Just curious if they have that everywhere I believe it’s called a 501 Direct USDA Loan