The market is fierce right now and housing prices are quickly rising. As the market climbs, you see first time home buyers scrambling up the ladder after it waving fistfuls of cash (everything they can possibly muster) and still not able to meet the minimums for a downpayment. When you’re starting from scratch in a market like this, it seems like there’s no way you’ll ever be able to afford a home. You start to wonder where to even start.
There are many programs out there for home buyers with limited down payments. Well’s Fargo just recently hosted their Neighborhood LIFT program, the WSHFC (Housing Finance Commission) offers Homebuyer Education Seminars. One of our all time favorite programs, however, is the USDA Zero Down Home Loan, also known as the USDA Guaranteed Rural Housing program. (Yes, that is USDA as in Department of Agriculture they have a home loan program for rural areas.)
To find out if a home qualifies for the USDA zero down program usually means being in a rural area, but some areas that qualify may not exactly seem that rural. Click here to see the eligibility boundary map.
*USDA eligible areas subject to change without notice, always ask your mortgage provider to verify the home is in a USDA eligible area.
The Guaranteed Rural Housing program is offered to individuals outside of metropolitan areas, it has income limitations based on the number of people in your household, it permits gifts and grants from family, friends and non-profit agencies, and qualified applicants can receive up to 102 percent financing, making their goal of home-ownership achievable. Click here to learn everything there is to know about Zero Down USDA Home Loans.
If you’d like to learn more about the Guaranteed Rural Housing program, check out Keane’s blog on What every home buyer should know about USDA loans.
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