Buy a house with no money down using the USDA Rural Development Program
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| Buy a house with no money down using the USDA Rural Development Program - Image Courtesy USDA.gov |
Are you thinking about buying your next home, but don't have
any money down? Did you know that you can buy a house with no money down using the
USDA Rural Deveolpment Program? It's true! Keep reading below for more details!
Not eligible for the USDA Rural Development Program? You can still buy a house
with as little as 3% down. Talk to your lender or call me for more details!
ELIGIBILITY
Before going any further, lets discuss a little bit about who qualifies.- Income limit of $74,900 for a family of 4 or less
- Must be able to afford mortgage payments including taxes and insurance
- Reasonable Credit Histories (usually 620 or higher)
QUALIFY
Now that you're eligible for a USDA Loan, you'll need to
know how to qualify.
- You must be in an eligible area.
Fortunately, the entirety of Lewis County is eligible, so
that is not difficult to figure out by your address! However, if you live
outside Lewis County, you can check your area's eligibility here:
APPROVAL
You're eligible and qualified, now you must get approved! As
discussed before, you must have at least a 620 credit score.
Not sure what your credit score is? I use a FREE site called
CreditKarma.
You will need the following:
- Loan Application
- Pay Stubs last two months
- W-2s for last two years
- Bank statement for last two months
- Other items required by lender
Make copies of everything! Make sure to ask your lender
before the meeting what paperwork they will need so you won't have to make
multiple trips!
AVAILABLE HOMES
A USDA home must be "Safe, Sound, and Sanitary".
Here are the qualities in a home to look for:
- Cannot be sub-dividable
- Cannot have "farm buildings" or any other buildings that could be used to generate income
- Must have adequate water and wastewater systems
- Cannot have any pools
- Must be functionally adequate
- Must be in good repair
- Cannot be in flood plain (not 100% accurate, but a good rule of thumb since only a small percentage of properties would actually qualify in a flood plain)
- Cannot be manufactured (again, not 100% accurate for similar reasons as above)
- Must be owner-occupied
These are the basics you will need to know when thinking
about buying a home or property. You CAN buy a house with no money down using the
USDA Rural Development Program!
Still not sure where to start?
Contact me today and I'll put you in touch with a USDA Specialist
in your area!
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