U.S.D.A. Mortgage - 100% Financing For Home Buyers

Oct. 1, 2008 - PRLog -- Donald Troisi
Regional Sales Director
Amerisave Mortgage
352 597 6296
Amerisave@tampabay.rr.com

 
USDA - Rural Development - Florida
A great alternative to an FHA loan is the RURAL DEVELOPMENT, USDA loan.  The home to be purchased must be located in an eligible rural area as defined by USDA.

To determine if a property is located in an eligible rural area visit http://eligibility.sc.egov.usda.gov

THE ADVANTAGES OF THE USDA LOAN:

Loan up to 102% of appraised value
NO MI
No maximum loan amount
No cash contribution required from the borrower
Unrestricted gifts, no need to document source
Non-traditional credit may be substitute for lack of traditional credit history
No credit explanations when credit score is 620 or above
No minimum credit score
No reserves required
Not limited to first-time home buyers
High earnings potential
30-year fixed-rate loan
Other eligibility criteria:

U.S. Citizen or permanent resident or qualified alien.
Financed dwelling must be primary residence.
Property must be residential.
Manufactured home:New manufactured homes purchased from an Agency approved dealer may be financed.

Modular home: No restriction

Condo & town home: Must meet the requirements of Fannie Mae, Freddie Mac, VA, or FHA.

Challenges:

No co-signers residing outside of the household.
In-ground swimming pools.  Ask for a waiver.


Interested in hearing more about USDA loans or have questions call (352) 597 6296
amerisave@tampabay.rr.com

# # #

Amerisave is one of the nation's leading and fastest-growing online mortgage companies, serving customers in all 50 states.
Regional Sales Director Donald Troisi, can provide can assist you with all your home financing needs.
dtroisi1@tampabay.rr.com