USDA still has No Down Payment loans.
U.S. department of agriculture has 11.2 Billion, yes billion, earmarked for mortgage loans thanks to funding from federal programs. Called a Section 502 loan, the loan is one of the few zero down products available in the mortgage market.
In years past money would run out during the summer and buyers would have to wait for more money to be available. Most low to middle income Florida residents can qualify for the USDA Loan if they live in rural, small town cities.
The program will change slightly after Oct. 1, when buyers will be required to pay a 0.3 percent premium for mortgage insurance monthly; however, the cost of upfront mortgage insurance will be reduced to 2 percent from its current 3.5 percent.
For more information, visit the USDA’s website or Call/Text me to find a local lender to answer all of your questions.
“Until Next Time”
John Wayne “DUKE” Rountree