About Government Refinance and Home Purchase Programs

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Filed under Government Home Purchase Programs

There are two primary ways to buy a home with zero money down in 2014. The first is to be a military veteran and utilize the VA loan program. The second is to utilize the USDA Rural Housing Program.

The USDA loan program is designed to encourage people to spread out and buy a home out of the more densely populated urban areas. With the name “rural” in the title you might assume that this program only applies to homes way out in the country but that is not true. In many cases, suburbs just on the outskirts out of a city are eligible for the rural housing program. Click here to go to the USDA site and see a map of eligible areas.

Advantages of the USDA Rural Housing Home Purchase Program

  • Requires no money down
  • The monthly mortgage insurance is much smaller than FHA mortgage insurance

Requirements of the USDA Rural Housing Program

  • Home must be in an eligible area
  • Combined gross annual income of all household members normally must not exceed about $90,000
  • Normally requires relatively good credit with few or no collections or similar blemishes on the credit history
  • The USDA requires 2% funding fee up front that is rolled into the loan

Conclusion

In cases where the USDA rural housing program is an option, it is usually a more desirable programs than the FHA or Fannie/Freddie programs. It allows for a 30 year fixed loan with no money down and minimal mortgage insurance. Contact us in the form on our home purchase page for more guidance on getting qualified for a USDA rural housing home purchase loan.

Comments (0) Posted by G.R.A. Admin on Saturday, March 22nd, 2014

Filed under Government Home Purchase Programs

Spring officially begins in March and the spring season is traditionally a time when more families begin listing their homes for sale. The better weather along with the approaching end of the school year makes springtime a popular time for families to list a home for sale. That means spring is the best time of the year to find homes for sale all across America.

If you have considered purchasing a home, contact us in the form on our home purchase page right away. We can help point you in the right direction regarding the available government home purchase programs. With any luck you could get pre-qualified for a mortgage and start your house hunting process right away.

Comments (0) Posted by G.R.A. Admin on Saturday, February 22nd, 2014

Filed under Government Home Purchase Programs

While there are some government programs the allow for zero money down on home purchases, those programs don’t work for everyone. As a result, most home buyers need at least a 3.5% down payment to purchase a home. This time of year it is common for families to use a tax refund as part of their their down payment funds. The timing of tax refund checks aligns nicely with the start of spring, when there is traditionally an increase of homes being put up for sale.

See our home purchase page for more information on the various government-backed home purchase programs. If you have been worried about not having enough of a down payment to qualify for a home purchase, this is a good time of year to get qualified as tax refunds come in. Contact us on that home purchase page to learn more.

Comments (0) Posted by G.R.A. Admin on Saturday, February 8th, 2014