Wisconsin and Illinois USDA Rural Housing Mortgage Loans
Posted by madisonmortgage on May 20th, 2009
Wisconsin rural housing and Illinois rural housing mortgage loans are no money down loans available to homebuyers that meet income and property location eligibility requirements.
Determine if the property is within the Rural Development eligible area.
Determine if your adjusted household income is within Rural Development limits.
The Advantages of a rural housing loan:
No Down payment is required.
No private mortgage insurance (PMI).
Flexible credit score guidelines.
No maximum purchase price limit.
Closing costs can come from any source including gifts.
Competitive fixed 30-year rates.
Up to 102% financing (102% of the appraised value not purchase price) to roll closing costs into the loan.
Non-traditional credit may substitute for lack of traditional credit history
No Prepayment Penalty
Rural areas consist of communities that have 20,000 and under in population and are not a part of an urban area. The rural housing program can help you obtain 100% financing even in today’s market where no money down loans are not as available as they once were.
To learn more about our rural housing program visit our Rural Housing program page on our main site.
Your local Wisconsin USDA Mortgage Banker!
Dennis Hardy
Toll Free: (877) 240-58410 x104
dennis.hardy@madisonmortgageguys.com
www.Madisonmortgageguys.com
Visit my blog at http://www.madisonmortgageguys.com/blog/
