I’ve been frequently asked how to qualify for 100% financing or no money down. If you’ve been in the marketplace recently, you have probably noticed signs about this all over the place. Banks are offering 100% financing or no money down through a USDA loan guaranteed program.
There are four criteria you need to meet to qualify for this program:
- You need a credit score of 620 or better.
- Your family income needs to be within the guidelines of the program. For instance, for a family of four, the household income can’t exceed $75,600.
- The home needs to be located in a qualifying area. In general, that means it needs to be outside the city limits.
- The home has to be your primary residence.
If you would like information about this USDA program, give me a call. I would be happy to refer you to a lender who is experienced with these loans.
As always, if you have any real estate questions, give me a call or send me an email. I look forward to hearing from you!