Madison Mortgage Blog: Brian Collins

In today’s shrinking credit market, the USDA rural housing loan program is one of the best no money down mortgage financing options in Wisconsin and Illinois.

This post is for home buyers that may not have a good working knowledge of the features and benefits of the US Department of Agriculture’s Guaranteed Rural Housing program in Wisconsin and Illinois. I have come to believe that it is one of the most under-utilized mortgage loan programs in the United States. It has many flexible features not found in Conventional and FHA loans.

Rural Home Loan advantages:
If the home you wish to buy is in an area that meets certain population criteria and you are within their ncome limits, Rural Housing offers loans on new and existing properties with cost-saving advantages. Here are some of the key features and program benefits:

No down payment required.
No Mortgage Insurance.
No cash reserves required.
No Prepayment Penalty
Loan up to 102%* of appraised value allowed…not the lesser of Sale Price or Appraisal
Loan amount can include closing costs and prepaids up to appraised value.
No stated maximum loan amount; maximum loan based on repayment ability
No First Time Home Buyer Requirement
New and existing homes OK
Fully amortized 30-year fixed rate loan
100% gifted closing cost or down payment assistance is permitted.
No derogatory credit explanations required when credit score is 620 or above.
Rent is not verified with FICO of 620 or more.
Competitive rates

Visit our Rural Housing Mortgage Program page on our website to view location and income eligibility

Your Wisconsin and Illinois Rural Housing Mortgage Banker:

Brian Collins
Toll Free: (877) 240-5810 x106
brian.collins@madisonmortgageguys.com
http://www.madisonmortgageguys.com

Visit my blog at http://www.madisonmortgageguys.com/blogs_brian_collins/

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*Appraisal may be exceeded by amount of Guarantee Fee