No Money Down Mortgages
The term ‘No Money Down Home Loans’ is usually referred to the low down payments mortgage offers. These were widely offered before the 2008 sub-prime hurricane swept it all to the dumpster. Many might not be aware, that such home loans may still be available at under some restrictions.
Rural Housing Funding
Until the end of this year, the USDA home loan program known as Rural Housing Funding support low advance payments for those purchasing homes at rural areas. Unless something happen, they will continue to be offered.
If you imagine black bears and rusty old Chevy trucks on a gravel road when you hear “rural areas” than you might want to think again. There are thousands of zip codes in which the government offers ‘no money down mortgages’ to help settle people outside the main metropolitan.
Madison Mortgage Guys reviewed these USDA rural loans:
Congress passed a new rule that allows for a new upfront fee to provide funding for future loans. Along with other funding measures passed by Congress, the USDA loans should be available for the remainder of the year.
USDA loans are designed to help people purchase homes outside of major cities. The loans are structured to allow the closing costs to be included in the loan if there is sufficient equity in the property. And, the USDA loan does not require any down payment. 100% financing is still available with these loans.
Not sure if a home qualifies for a USDA type loan? No problem. Simply get in touch with one of our Loan Officers today. Our loan officers are authorized to provide the USDA loans. We also have access to the zoning maps that indicate which properties are eligible for the USDA loans. See more..
This means that searching the zip codes areas next to your current place of living, might reveal a towns which are a few miles out of the dense populated areas. There you are eligible for a very lucrative no money down mortgage offer.
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