Most people think that buying a home with no money down is not possible anymore but here in Union county Ohio there is a great loan program called USDA Rural Developement that provides financing for individuals and families who cannot obtain credit from other sources to purchase homes in rural areas. These loans may be made for up to 100% of appraised value of the site and home plus there are payment assistance programs that can reduce your mortgage payment based on household income!
Here are just a few reasons to finance with Rural Developement
1. No down payment required
2. Closing costs can be financed or gifted
3. Competative 30 year fixed loan rates
4. No monthly mortgage insurance needed
Requirements:
1. You must have adequate and dependable income
2. Must have an adjusted annual household income that does not exceed the moderate income limit established for the area
3. Must have a credit history that indicates a reasonable willingness to meet obligations as they come due
4. Must have repayment ability based on the following ratios: Principle, Interest, Taxes and Insurance divided by gross monthly income must be equal or less than 29%. Total debt divided by gross monthly income must be equal to or less than 41%
So no money down and thanks to the federal government’s stimulus package, first-time buyers are entitled to an $8,000 refundable tax credit (or up to 10% of the purchase price)!
Call us to find out more and see if you qualify!
Dana M. Garrett - 937-645-6545 - Dana.Garrett@RealLiving.com
Nanie Ingram – 937-645-6542 – Nanie.Ingram@RealLiving.com
http://www.rurdev.usda.gov/oh/housing.htm
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