It’s no secret that historically low interest rates, affordable home prices and a great selection make now a great time to buy the new home of your dreams. Even so, many people are hesitant to make their move. They mistakenly believe that you need a perfect credit history plus cash reserves for a sizeable down payment and closing costs. In reality, nothing could be farther from the truth, according to Donna Holmer, senior loan officer at Diamond Residential Mortgage Corporation. “Government lending is one of the largest growing segments in the mortgage industry today.” she says. “FHA and VA financing not only help borrowers who require a low down payment, but also borrowers who have lower credit scores. Plus, many people are surprised to learn that there are still a couple of 100% financing programs out there including VA loans and USDA Guaranteed Rural Housing loans.” While FHA loans are insured by the Federal Housing Administration, and VA loans, which are available to more than 27 million veterans and service personnel, are guaranteed by the US Department of Veterans Affairs, Guaranteed Rural Housing loans are backed by the US Department of Agriculture for Rural Development.
Available to everyone from first-time buyers to others looking for their next home, the USDA Rural Housing loan program allows for 100% financing in areas like pockets of south Lake County (Spring Run located in Lowell) in Indiana and parts of Will County (Hunter’s Chase located in Beecher) in Illinois. No down payment is required and closing costs may be financed on some transactions. Income limits plus underwriting terms and conditions apply, according to Holmer.
To find out if you can take advantage of a no money down USDA Guaranteed Rural
Housing loan, visit these qualifying communities by Phillippe Builders –Spring Run in Lowell, IN where single family homes start in the $170′s or Hunter’s Chase in Beecher, IL where maintenance-free villas start at $129,900 and single family homes start in the $180′s. Call Donna Holmer, Sr. Loan Officer, at (219)682-4208 for more details on Rural Housing Loans, FHA or VA.
Available to everyone from first-time buyers to others looking for their next home, the USDA Rural Housing loan program allows for 100% financing in areas like pockets of south Lake County (Spring Run located in Lowell) in Indiana and parts of Will County (Hunter’s Chase located in Beecher) in Illinois. No down payment is required and closing costs may be financed on some transactions. Income limits plus underwriting conditions and terms may apply, according to Holmer.