USDA Mortgage

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If you’re not a veteran, the USDA Mortgage is one of the few truly 100% no money down loan products available. While this feature is certainly attractive, there are many other benefits offered by a USDA Mortgage.

For example, this loan allows sellers to contribute up to 6% of the sales price towards your closing costs. In all but the most extreme of cases, this is more than enough to cover all pre-paid and closing costs. In other words, a USDA Mortgage is a rare example of a home loan that actually allows you to get into a new home with no money out of pocket!

Yet another benefit of USDA Mortgages is the flexible qualification standards. Borrowers with credit scores as low as 580 can still be considered, and for those with little or no credit, USDA allows you to use alternative credit as a means of qualifying.

Alternative credit means utility bills, cell phone bills, etc.

To illustrate just how flexible a USDA Home Loan truly is, consider that even a recent bankruptcy is not a deal-killer if you’re at least 3 years removed from a Chapter 7 bankruptcy. If you in a Chapter 13 you can get a loan as long as you have completed 12 payments on time. Foreclosure? Again, not a deal-killer so long as you’re 3 years removed! As I said before, very flexible!

So all these wonderful benefits must come with a catch right? Well, there is the little matter of USDA Loans being available only in qualifying rural areas. The best way to find out what’s available near you is to give me a call. I’d be happy to research what’s available and walk you through the entire process.

Call me to set up a time: 262-754-3331 or 608-227-2005