USDA Rural Development allows for 100% of purchase price of home PLUS closing costs to be borrowed, only to be limited by value of the home.

Advantages

• No Down Payment
• No monthly mortgage insurance payment
• No cash reserves required
• Minimum Credit Score of 620 
• No maximum loan amount or purchase price limits
• No limitation on source of closing costs
• All costs associated with the loan may be included into the loan if the appraisal supports it.
• Seller is allowed to pay closing costs and repairs
• Affordable fixed interest rate with a 30-year term
• Maximum Income Limits Apply - $73,600 for a family of 1-4, and $97,150 for a family of 5-8. 

Limitations

• Non-Occupant co-borrowers are NOT permitted.
• NO existing manufactured homes
• NO duplexes
• NO jalousie windows (having narrow plates of glass that crank out)
• Property must have direct access to a publicly maintained road
• If in a flood zone (Zone A), the first floor must be above the 100-year flood elevation AND flood insurance is required.
• Subject to availability of funds
• Owner-Occupied Only
• Borrowers cannot own other adequate housing in the local commuting area

The Federal Housing Administration (FHA) insures qualified loans to promote homeownership for those with limited savings.  FHA loan limits vary by county, with larger loan amounts allowed in areas with higher housing costs. 

FHA loan features include:

• Low down payment requirements
• Flexible income, debt, and credit requirements to help borrowers qualify
• Down payment and closing costs that may be funded by a gift, grant, or secured loan.
• A variety of fixed-rate and adjustable-rate loan options.
• Minimum 620 credit score for all borrowers
• Non-occupant co-borrowers are permitted

The Federal Housing Administration (FHA) insures qualified loans to promote homeownership for those with limited savings.  FHA loan limits vary by county, with larger loan amounts allowed in areas with higher housing costs. 

FHA loan features include:

• Low down payment requirements
• Flexible income, debt, and credit requirements to help borrowers qualify
• Down payment and closing costs that may be funded by a gift, grant, or secured loan.
• A variety of fixed-rate and adjustable-rate loan options.
• Minimum 620 credit score for all borrowers
• Non-occupant co-borrowers are permitted

The Department of Veterans Affairs (VA) guarantees loans to help qualified veterans, reservists, and active-duty service members to finance their homes.  VA loans are suited for veterans with limited savings or would prefer not to use their savings for a down payment.  Refinancing is also available, whether you currently have a VA loan on the property or another type of loan.  Cash out is available up to 100% of the value of the home.

VA loans offer these features:

• A no down payment option
• Flexible income, debt and credit requirements to help borrowers qualify
• Closing costs may be funded by a gift or paid by the seller
• A variety of fixed-rate and adjustable-rate loan options available
• 30- or 15- year fixed rates available
• No Appraisal required on a VA Interest Rate Reduction Refinance
• No Income documentation required on a VA Interest Rate Reduction Refinance

Items needed to begin processing:

• VA Certificate of Eligibility - we can get it online if you don't already have one.
• A copy of Veteran's DD214 Discharge - Honorable discharge required
• VA Application Documents signed

The Department of Veterans Affairs (VA) guarantees loans to help qualified veterans, reservists, and active-duty service members to finance their homes.  VA loans are suited for veterans with limited savings or would prefer not to use their savings for a down payment.  Refinancing is also available, whether you currently have a VA loan on the property or another type of loan.  Cash out is available up to 100% of the value of the home.

VA loans offer these features:

• A no down payment option
• Flexible income, debt and credit requirements to help borrowers qualify
• Closing costs may be funded by a gift or paid by the seller
• A variety of fixed-rate and adjustable-rate loan options available
• 30- or 15- year fixed rates available
• No Appraisal required on a VA Interest Rate Reduction Refinance
• No Income documentation required on a VA Interest Rate Reduction Refinance

Items needed to begin processing:

• VA Certificate of Eligibility - we can get it online if you don't already have one.
• A copy of Veteran's DD214 Discharge - Honorable discharge required
• VA Application Documents signed

This program allows

• Up to 95% LTV allowed
• Mortgage Insurance required if Loan-to-value is above 80%