They’re called USDA Rural Development 502 Loans
There is another news announcement that “Buyers Being Lured to 100% Loan Program” that was in the recent issues of The Wall Street Journal. The article states that more buyers in search of home loans are turning to an obscure program operated by the United States Department of Agriculture.
Well, we wrote about this program a few months back. The blog entry detailed this little know mortgage loan program. The program allows no-money-down purchases. For those that qualify, a borrower can seek up to 102 percent, including a mortgage insurance policy. To quality, buyers can’t have income that exceeds 115 percent of the median county income. Additionally, the loans are restricted to low-density areas (usually towns of no more than 25,000 residents). The loans are made by private lenders, which are then insured by the government.
For more information, contact your personal mortgage representative. Or, if you don’t have one, we can highly recommend a few that we have done business with and have been completely satisfied with their service, as have our clients. Just contact us by calling 609-417-1084.
Find your next home at our new and updated web site.
Stumble It!