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 @ 813-803-2575 or fill out the contact form and one of our agents will contact you.