USDA Rural Housing Zero Down Payment Loan

1.                                1.  Applicants must meet income-eligibility. This amount varies from county to county. See below for some areas.

2.                                2.   Purchase home in eligible rural areas.

                     3.  Must personally occupy the house as primary residence.

4.                                4.  Must be US Citizen, US non-citizen national or Qualified Alien.

                     5.  Must have legal capacity to incur loan obligation (qualify for loan).

                     6.  Purchase property that meets all program criteria: condos OK, duplexes No, must be permanent (no mobile homes, must be in good condition (extra inspection required), have all essential household equipment including, wall-to-wall carpeting,                             ovens, ranges, refrigerators, washer, dryers, heating and cooling equipment as long as conveyed with the dwelling.

                     7.  Closing costs and reasonable/customary expenses associates with the purchase may be included.

                     8.  No down-payment required.

                     9.  2% guarantee fee required that is rolled into the loan and minimal monthly mortgage insurance fee.

                   10.  Underwriting and credit score requirements are often more stringent that for FHA loans.

                   Income Limits for 1-4 People:

                   Dane County:                $94,600

                   Rock County:                 $75,650

                   Jefferson County:           $86,600

                   Green County:               $80,700

                   Columbia County:          $84,750

                 Go to THIS SITE to find out if a specific address qualifies.

·                                                                      Information deeded reliable, but not guaranteed

FHA Low Down Payment Loans

                                                   1.  Requires just 3.5% of the loan amount as a down payment. (With FHA purchases, it is wise to have at least 4% of the purchase price available to help cover the appraisal fee and other costs at closing).

2.                                                                                                             2.  Available everywhere in the United States.

3.                                                                                                            3. The FHA has an upfront mortgage insurance fee of 1.75% of the loan amount rolled into the loan and then has a monthly mortgage insurance fee for the life of the loan..

                                             4. There are limits to the maximum loan size depending on the state/county the home is located.

                                             5. The FHA program has the most lenient underwriting standards with regard to past credit problems and medical collections of any of the major home programs.

                                                           For more information, go to THIS SITE for more information about FHA Loans.

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VA  NO Down Payment Loans

1.                                                                                                                       1.  Only available to military veterans with VA eligibility.

2.                                                                   2.  No down payment is required.

3.     3                                                                                                               3.  No ongoing mortgage insurance required.

                                                  4.  Lenient credit score requirements.

                                                  5.  The VA has an upfront funding fee that rolls into the loan.

                                          For more information, go to THIS SITE for more information about FHA Loans.

·                                                                                                                                      Information deeded reliable, but not guaranteed

WHEDA Advantage Loans

1.                                                                                                1.  Low cost, 30-year fixed interest rate.

2.                                                                                                2.  Higher income and loan limits enable more borrowers to qualify. Guidelines do apply.

3.                                                                                               3.  Down payment assistance loan available to eligible borrowers.

                                      4.  Must be a home buyer with good credit and an income to support a monthly mortgage payment.

4.                                                                                               5.  Refinances do not apply.

5.                                                  6.  Pre-purchase home buyer education is required to help ensure your future success as a homeowner.

6.                                                                                               7.  Property must be your primary residence.

7.                                                                                               8.  Borrower can purchase an existing single family home or duplex* within WHEDA’s loan limits

                                                      *Landlord counseling required for two-unit properties.

                                             For more information, go to THIS SITE for more information about FHA Loans.

·                                                                                                                                            Information deeded reliable, but not guaranteed