Don't believe the news. I was watching one of the networks and they stated you needed to have 20% down to qualify now... this is wrong. The story was on the bailout of the major banks and how credit has tightened. This story failed to mention that the US Government already has a great program in place for 100% financing -- USDA Rural Development. This is a government insured backed mortgage where you can buy a new home and even finance closing costs and home improvements if needed, depending on the appraised value.
The fine print: There are income limitations on this program defined by Metropolitan Statistical Areas -- basically the population of an area. Also there are 13 towns in New Hampshire that do not qualify for this program -- too much population (the name is Rural Development).
The Mortgage Insurance is financed into the loan and there is NO MONTHLY Mortgage Insurance! This keeps the monthly payment lower!
For example a family of 4 buying a home in my town of Boscawen NH has an income limit of $81,100. BUT if the 2 children are in any type of day care or after school care the costs of this can be subtracted from your gross income to help you qualify!
Definitely worth asking about to cut down on your required down payment.
As usual check our website for more information at:
http://www.new-hampshire-home-mortgage.com
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment