10. No Down payment required.
9. Most closing costs can be included in the loan amount, if justified by the appraisal.
8. One time MI Fee of 2%, then no monthly fee thereafter.
7. Loans processed locally.
6. Moderate Income required to qualify: NJ Income Guidelines
5. Many new and/or existing homes qualify.
4. Many areas qualify in NJ: NJ Area Eligibility
3. Maximum loan amount determined by repayment ability.
2. Sellers can contribute towards closing costs
1. Your client gets one of the best 100% financing deals currently available!
- Based on information provided by The United States Department of Agriculture, Rural Development. Clinton, NJ area office www.rurdev.usda.gov/nj in a flyer dated 8/27/2008.
Michael Byrne
Michael Byrne
Mortgage Specialist
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Michael,
Your number 1 makes it a no brainer. The best 100% program bar none, as long as your property and income are within it's very reasonable guidelines. Great post!
Gerry Suarez, Jr.
Your HUD Loan Pro!
I agree Michael! I've helped several buyers purchase homes through the USDA Rural Development Guaranteed and DIRECT loan programs. They are the best deal in town right now!
Thanks Cheryl! In fact, we can offer USDA loans in NC as well.
Michael:
Now you have gone and done it...you let the cat out of the bag on USDA RH...there goes our little secret! :) Maybe we should start asking congress now for additonal Economic Rescue Funds to bolster the increased demand for RH loans!
Ron- even in NJ there are plenty of RH eligible properties!