Hello Buyers, friends, family, clients, and past clients!
Did you know you may qualify for 100% financing when buying your home? Yes, that is right. This is a government program by the USDA Rural Development. The mortgage program is Guaranteed Rural Housing (GRH) loan and allows a lender to provide 100% financing. The borrower is required to make NO DOWN PAYMENT, nor is mortgage insurance required since Rural Development is providing the lender with a guarantee against loss. Interested? Let me tell you more.....
It is a fixed rate loan for 30 years. Interest rates can vary from lender to lender There is no maximum mortgage limit. Your income and loan repayment ability will determine the maximum loan for which you qualify. There are income limits based on how many are in your family and the county in Delaware you are looking to buy a home. Not all areas in Delaware will qualify for this program so it is important that you, your Creative Choice Real Estate Professional and your lender talk about your needs, etc.
As a brief guideline, if your family size is 1-4 adjusted income cannot exceed $89,500 in New Castle County, $74,050 in Kent and Sussex County. For families 5-8 in size, income for New Castle County cannot exceed $118,150 and $97,750 in Kent and Sussex County.
To get more information on this Government Guaranteed Mortgage Program or to see if you qualify, contact Carol Daniels at 302-684-5904 or email me at carol@creativechoicerealty.com. I will provide you more information and have a qualified lender discuss your eligibility with you.
By the way, interest rates can be as low as 1.5% fixed for 30 years! It is well worth seeing if you can use this program.
As always, please, if you know anyone considering buying a home, pass this on to them with my personal information. I love your referrals and would love to be their realtor.