Ask a Question: I heard that there is special financing in Gardner, Kansas. What is it?
Real Estate Wizard: Yes, there is a great mortgage loan that is available in Gardner as well as neighboring communities. I have worked with hundreds of home buyers obtain this loan. The mortgage loan is the USDA Rural Development guaranteed mortgage loan. The mortgage loan is sponsored by the U.S. Department of Agriculture and is for owner occupied properties.
The USDA RD guaranteed loan is a no money down loan offered for home buyers purchasing a home. It is 100% loan that has no PMI insurance.
The mortgage loan is great because a borrower putting down 5% and paying their closing cost on a conventional mortgage in Olathe would have a higher principal and interest payment than a USDA RD guaranteed borrower putting no money down in Gardner.
Here is some information about the USDA RD guaranteed mortgage loan:
1) The property must be in the RD eligibility area.
2) The property must be a single family or 1/2 duplex.
3) The closing cost can be rolled into the mortgage loan.
4) The ratios are 29% housing and 41% for debt.
5) Borrowers must be under the Household Family Income of $80,950 for up to 4 people in household or $106,850 for up to 8 people in household.
6) Borrowers can close 1 day after bankruptcy, foreclosure or short sale with compensating factors.
If you have more questions about the USDA RD guaranteed mortgage loan or any other real estate related question, feel free to contact us.
With the changes in mortgage financing, I look for changes to come to the USDA RD mortgage loan. In the meantime, home buyers should take advantage of this great mortgage loan.
RE/MAX sells more homes than any other real estate company.For a reason...should we talk?Blog post written by the Dowell Taggart Team of RE/MAX Premier RealtyComments are appreciated! Go ahead and add your 2 cents . . .We have 3 easy steps to find you the perfect home . Click here to get started, today!