Many Okaloosa and Santa Rosa home buyers can still purchase a home with the USDA rural loan in 2016. Many locations around Crestview, Destin, Fort Walton Beach, Pace and Milton FL are currently eligible. If you haven’t heard of the USDA Rural Housing program, read below about some of the great advantages!
Lower monthly mortgage insurance: USDA, just like any loan with less than 20% down, require monthly mortgage insurance to be paid monthly. Most know this term as PMI. The key is the USDA monthly MI is much less when compared to other government loan programs like Federal Housing Administration loans. How much you might ask? On an average $150,000 home, buyers will save over $100 per month on their payment just in mortgage insurance. So even if you are a home buyers that has the 3.5% down payment required for a FHA loan, the USDA will likely make better sense mainly due to the lower mortgage insurance.
No special first time buyers class or school: The USDA loan application takes about 10 min to complete. Once your USDA loan application is complete and approved, you are done and ready to go house shopping. No classes or mandatory schooling required.
USDA is not limited to strictly first time home owners: Owned a home in the past, no problem.
100% financing plus closing costs: Not only does USDA Rural Development program allow 100% financing, but they also permit the home seller to pay all buyers prepaids and USDA closing costs. As a result, most home buyers can move into their home with little to $0 money out of pocket.
Learn more about the 100 percent USDA loan at https://www.fivestarsmortgage.com/usda-rural-loan
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