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1, 100% mortgage, no money down, no money to closing
The USDA and the VA are the only loan programs on earth that have no down payment requirements.
2. No Loan Amount Limits
The other great thing about a USDA Home Loan is there are no loan limits. FHA, VA, conventional all have loan limits but not the USDA!
3. No PMI
With the USDA home loan there is no PMI, this will save you hundreds of dollars per month. FHA loans have upfront PMI and monthly PMI you have to pay for the life of the loan so your payment will be a lot higher with FHA.
4. No Credit Score
There is no credit score requirement to get a USDA loan! Unlike conventional loans that require a 620 score to get a mortgage the USDA will accept rental history, utility bills, car insurance payments in lieu of a credit score or credit. Also we have programs to help build your credit as well If need me to add those lines of credit to your credit report.
The other incredible thing about USDA is that there are unlimited seller concessions to help pay for all the closing cost so you can buy a home and come to closing with no money.
Below are chart comparisons between FHA, USDA, Conventional loans programs to see the difference in savings and money to closing.
- FHA (REQUIRED MIN DOWN PAYMENT $5,250 + UFMIP + MI) = $953.00
- 5% CONVENTIONAL ($7,500 DOWN PAYMENT + MI) = $968.00
- USDA 100% WITH 3.5% GUARANTEE FEE, NO MI, NO DOWN PAYMENT = $917.00
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