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Can You Buy a Home with NO MONEY DOWN?

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U.S. Department of Agriculture (USDA) Guaranteed Rural Home Loans are creating homeownership opportunities throughout Maryland (AND CALVERT COUNTY!)with No Money Down Financing in rural communities and areas just outside of major metro areas.

The USDA Rural Development Loan Program offers first time homebuyers and move-up buyers:
100% Financed Mortgage, No Money Down, $0 Down Payment
USDA Loans monthly mortgage insurance premiums are 66% lower than a comparable FHA Loan
Flexible Credit Requirements
Safe, Secure 30 Year Fixed Rate Mortgage
No Maximum Loan Amount
With Seller Help, No Out-Of-Pocket Closing Costs
Most Property Types Allowed

The income limits for the USDA Guaranteed Rural Housing (GRP) Program have increased effective January 2, 2012.

Based on the increase new maximum income limits are as follows:

County Income 1-4 Income 5-8
Allegany $96,150 $126,900
Anne Arundel $96,150 $126,900
Baltimore $96,150 $126,900
Calvert $101,000 $133,000
Caroline $96,150 $126,900
Carroll $96,150 $126,900
Cecil $93,450 $123,350
Charles $101,000 $133,000
Dorchester $96,150 $126,900
Frederick $101,000 $133,000
Garrett $96,150 $126,900
Harford $96,150 $126,900
Howard $96,150 $126,900
Kent $96,150 $126,900
Montgomery $101,000 $133,000
Prince Georges $101,000 $133,000
Queen Anne’s $96,150 $126,900
Somerset $96,150 $126,900
St Mary’s $96,150 $126,900
Talbot $96,150 $126,900
Washington $96,150 $126,900
Wicomico $96,150 $126,900
Worcester $96,150 $126,900

Remember that USDA does allow for the total household income to be higher than these income limits provided that certain adjustments or reduction to income can be made including:

Documentable childcare expenses for children age 12 and under
$480 per child for anyone under 18
$480 for any student other then one of the applicants
$400 for each disabled or handicapped individual who is not one of the applicants
Medical expenses for any elderly family member

These adjustments can be used to lower the gross household income to an amount that is less than the above mentioned maximum gross income. If you are considering financing an upcoming home purchase using a USDA loan and need assistance in calculating your adjusted gross income using USDA Rural Development Loan Income Guidelines please contact your local mortgage consultant to myself and I will put you in touch with a qualified lender.

For Eligible Areas, please CLICK HERE or contact your local mortgage consultant.

To Search Homes For Sale, CLICK HERE

Information/pic courtesy of www.marylandusda.com