New USDA program offers 100 percent financing on homes

EpriseNow.com | May 19, 2010

USDA | Rural DevelopmentNo down payment home financing is available through USDA Rural Development to qualifying applicants in rural areas.

Through this home loan program, potential homebuyers may purchase a new or existing home, build a home or make improvements to an existing home. The current interest rate is 4.875 percent.

“Home ownership is still the American Dream, and it continues to be realized by many rural Alabamians using our housing programs,” said Ronnie Davis, state director of USDA Rural Development in Alabama.

“Our mission and goal at USDA Rural Development in Alabama is to provide every qualified applicant the opportunity to become a successful home owner,” Davis said.

Typically, no down payment is required and financing can be up to 100 percent of the appraised value of the property or the maximum amount the applicant qualifies for — whichever is less. 

Depending on an applicant’s income, payment assistance is available and actual monthly payments may be based on an interest rate as low as 1 percent.

Loans are typically made for 33 years at a fixed interest rate.

Additional eligibility requirements include having an acceptable credit history and adequate income to repay the home mortgage, which includes real estate taxes and insurance.

Income limits vary from county to county and are based on the number of people in the household and the median income for the county. For example, to be eligible, an applicant’s adjusted household income in Coffee County must range from $28,850 to $54,400. 

The property to be financed must be located in a rural area, which includes all of Coffee County.

To determine eligible areas and household income limits, contact the USDA Rural Development office or visit the Agency’s property eligibility site at:

http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do.

USDA Rural Development staff will help applicants calculate their adjusted household income and help complete the application process.

For more information on USDA Rural Development’s homeownership programs, call the Ozark office at 774-4926 ext 4.


http://www2.eprisenow.com/ent/news/local/article/new_usda_program_offers_100_percent_financing_on_homes/154508/

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EpriseNow.com | May 19, 2010

USDA | Rural DevelopmentNo down payment home financing is available through USDA Rural Development to qualifying applicants in rural areas.

Through this home loan program, potential homebuyers may purchase a new or existing home, build a home or make improvements to an existing home. The current interest rate is 4.875 percent.

“Home ownership is still the American Dream, and it continues to be realized by many rural Alabamians using our housing programs,” said Ronnie Davis, state director of USDA Rural Development in Alabama.

“Our mission and goal at USDA Rural Development in Alabama is to provide every qualified applicant the opportunity to become a successful home owner,” Davis said.

Typically, no down payment is required and financing can be up to 100 percent of the appraised value of the property or the maximum amount the applicant qualifies for — whichever is less. 

Depending on an applicant’s income, payment assistance is available and actual monthly payments may be based on an interest rate as low as 1 percent.

Loans are typically made for 33 years at a fixed interest rate.

Additional eligibility requirements include having an acceptable credit history and adequate income to repay the home mortgage, which includes real estate taxes and insurance.

Income limits vary from county to county and are based on the number of people in the household and the median income for the county. For example, to be eligible, an applicant’s adjusted household income in Coffee County must range from $28,850 to $54,400. 

The property to be financed must be located in a rural area, which includes all of Coffee County.

To determine eligible areas and household income limits, contact the USDA Rural Development office or visit the Agency’s property eligibility site at:

http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do.

USDA Rural Development staff will help applicants calculate their adjusted household income and help complete the application process.

For more information on USDA Rural Development’s homeownership programs, call the Ozark office at 774-4926 ext 4.


http://www2.eprisenow.com/ent/news/local/article/new_usda_program_offers_100_percent_financing_on_homes/154508/