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State and Local Housing Programs USDA

State and Local Housing Programs USDA:

Many state, county and local government programs offer financing for qualifying low-to-moderate income families wishing to purchase their  home. State and Local Housing Programs USDA  programs have many benefits for those wanting to purchase a  primary residence. This loan is based on the population of the area and requires no down payment from the buyer. Usually the seller is allowed to contribute 6% toward the buyer’s closing costs, just like an FHA loan.

House

               This program typically offers:

    • More relaxed qualifying guidelines. Only 3 tradelines required.
    • NO upfront fees (only pay for the appraisal)money usually returned at closing
    • The seller can pay 6% of costs
    • 100% financing. No down payment needed.
    • Lower interest rate
    • Fixed rate 30 year term