So, you keep seeing on the news mortgage rates are at all time lows. Then the next story you see is how the housing market has seen its bottom point. After watching the news you sit down at the computer and start thinking " I wonder if I could afford a home?" You do a google search for monthly payments and see that you are paying that much in rent, if not more!

Now you are thinking, "I want to take advantage of this!!" However, there is a problem; you can't save money for a down payment. All you have ever heard is how you need to have a large down payment to buy a house... Stop and take a deep breath because I have the answers to all your home owning prayers in one simple program!!

USDA Rural Housing guarantee

Ok, great. Now I know the name of it but what does that mean to me??

This program has some great features. It allows people who never thought they could buy a home purchase their dream house.

Interested to find out how you this works?

?Your income can not exceed 115% of the area median income. What is the median income in your area? Check here to see if your income qualifies.
As you clicked on the spread sheet you see different values for 1 to 8 persons. The reason for this is USDA is going to qualify your income as well as any other persons in the household that has a job. Even if they are not going to be on the loan, you will still need add that income.

You may be asking why? I am the only person on the loan. You have to remember this program was designed to help lower-income people realize the dream of home ownership as well as revitalize rural areas in America. So they are going to look at the household income to make sure they are helping the people the program was designed to help.

?No Down Payment
?30 year fixed rate mortgage
?Home must be in a designated rural area. Use this map to find a specific area
Some of the attractive areas around me are Dallas, Aumsville, Jefferson, Independence, and Monmouth

These are the basics of the program. As any mortgage program you will need to turn in a full file to the lender for approval. A full file will include the following items

?An initial full application completed and signed
?30 days pays stubs
?60 days asset statements for paying closing cost and setting up the escrow account
?An appraisal and purchase contract
?credit report within the last 90 days, some lenders will require it in the last 30 days
?Any other items that could affect the file such as divorce decree's, bankruptcy paper work, alimony or child support documents.
Call or email me today so we can get your application started. I can help you with to understand the income and property eligibility questions on a case by case basis.