Agriculture) is a mortgage either made or guaranteed by the United States Department of Agriculture's Rural Housing Service agency to help households with very low to moderate incomes purchase safe and affordable homes in rural areas. This program provides 100% financing with no down payment required. To qualify for the USDA program, the maximum population is 50,000 people in the township so it is possible to use the USDA program in small cities or townships. There are income limits and mortgage insurance so contact your Mortgage Consultant for qualification details. USDA is property specific so you will need to contact your Mortgage Consultant to make sure the property you are interested in purchasing qualifies for USDA financing.
NON-QUALIFIED MORTGAGES
Non-Qualified mortgages is a home loan that is not required to meet agency - standard documentation requirements. The benefits of using a non-qualified mortgage is as follows: They don't require traditional income documentation and they can have longer term limits exceeding 30 years. These non-qualified mortgage programs can be very beneficial to self employed borrowers. These type of mortgages usually have higher fees and rates. Check with your Mortgage Consultant to see if you qualify for this type of mortgage.
DOWN PAYMENT AND CL MENT AND CLOSING COSTS
Your down payment is the minimum percentage amount specified by the program used. Some programs such as VA and USDA do not require a down payment. You can put more than the minimum percentage down to lower your monthly payment. Closing costs are separate from your down payment. They can never be financed on a purchase transaction and have to be paid out of pocket at closing. Closing costs consist of lender fees, your escrow, and title fees. The fees associated with your home purchase are negotiated with your seller through the realtors at
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