Yes You Can Still Get a 100% Loan with USDA, Conditions Apply!
You want your piece of the American dream, but can't put together some HUGE downpayment? You just might be in luck thanks to the government, specifically the U.S. Department of Agriculture and Section 502 Loans!
With a mission to support rural lifestyles and communities, they offer 100% loans either directly or via guarantees to help people with their home ownership dreams. Now perhaps surprisingly, you don't have to live in what most people consider truly rural areas! We've got listings in a Lebanon subdivision that currently qualify! However, if you prefer five acres of land with your home, well we've got those too, and they're eligible for these 100% loans!
There are certain income restrictions (as in you can't make TOO much) and be eligible. The USDA offers two loan categories:
- Direct. The feds loan the money directly. Very low income is defined as below 50% of the area median income (AMI). Moderate Income is classified as 50 - 80% of AMI. Loans are typically up to 33 years and you have to be able to demostrate the ability to make payments. Housing needs to be modest in size, design and cost for the area. Rural Development officials make a decision wiht 30 days of receipt of application.
- Guaranteed. The feds back the loans, but don't directly loan the money. Same conditions as above, but now your income can go to 115% of the area median income.
- Click USDA Loan Income Eligibility Checker to verify your eligibility based on income.
DISCLAIMER: Of course, we're not mortgage specialists, but we've got people for that! To get more specific about what you can and can't do, please consult with your preferred mortgage loan officer or company, or contact us for help finding one. And of course, it's the government, so program details and eligibility are always subject to change AND funding.
And as an example of some homes The Liz Spear Team of RE/MAX Elite currently have listed that are eligible for USDA loans per the USDA site eligibility check, just click the photos to go to the home's advertising website for more information, pictures, etc.! All pictured are priced under $220,000 if not MUCH less. (And if you don't like any of these, we have access to plenty more!).
Lebanon's Silverwood Farms:
Homes with 1 to 6 Acres:
Home with a pond:
Serving Warren County's residential real estate needs,
Liz and Bill
Serving Warren County Ohio & Adjacent Areas
The Liz Spear Team of RE/MAX Elite
Elizabeth Spear, ABR, CRS
William (Bill) Spear, CRS
Ask for us by name if you visit the office!
Two locations: Lebanon & Mason, OH
Direct #2: 513-265-3004
Search Homes: Http://WarrenCountyOhioRealEstate.com
Our Website: www.LizTour.com
OUR SERVICE AREA:
View Liz Spear Team of RE/MAX Elite Primary Service Area in a larger map