In today's market all but two true no money down mortgage loans exist: VA and Rural Housing. We offer both programs but we will take a deeper look into the Rural Housing no money down program for this post.
Wisconsin USDA Rural home loans are loans available for people who live in rural or country areas, and are meant to make owning Wisconsin homes in those rural areas affordable for the average homebuyer. Wisconsin USDA Rural Housing loans are optimal for first time home buyers in approved Rural Housing Service areas. USDA loans have a 2% funding fee which can be added to the loan amount and financed into the loan.
Rural home loans for single family, owner-occupied, primary residences only.
Advantages of a Rural Housing mortgage:
-No money down is required
-102% financing is available to include closing costs, prepaids and the guarantee fee that USDA charges. You can only include closing costs and prepaids if the appraisal comes in higher than the purchase price and the loan amount cannot exceed the appraised value.
-No monthly mortgage insurance is required
-Competitive 30 year fixed rates
-Not restricted to first time home buyers
-No pre-payment penalties
-No maximum loan amounts
As you can see, there's a lot to like about this program if you qualify. There are income and geographical guideline to the program, as well as a one time guarantee fee that may be financed into the loan. Visit our Rural Housing page to check both income limits and geographical guidelines. http://www.madisonmortgageguys.com/
For additional information about this and other loan programs and to see what you may qualify for, please contact me through the website or by phone: 877-240-5810 x106
Toll Free: 877-240-5810
questions@madisonmortgageguys.com
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