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You hear a lot about FHA and low down payments for homebuyers in Massachusetts, but one mortgage program that is sometimes overlooked is the USDA loan. This is available for our rural areas, so Leominster, Fitchburg and Gardner properties will not qualify for this program. If you have a home in mind, you can check out the zip code here to see if the property is in a town that qualifies.
There are income eligibility guidelines too. You can do a preliminary check to see if you qualify here.
It is important to locate a loan officer who has experience with this type of loan. I would be happy to help you to find someone who can help you.
With a USDA loan program, an individual or family may borrow up to 100% of the appraised value of the home.
NOTE: Many USDA loans are available with:
- No Money Down.
- No Mortgage Insurance
- Affordable by Low Income Borrowers
- Come with Low Monthly Mortgage Payments.
- Borrower only Needs 620 Credit Score
Again, check with your lender for more details. I have two listings that qualify – check out the pictures below (click on the picture for more information):
515 Burrage St Lunenburg MA 01462
311 Great Rd Shirley MA
Related articles
- USDA Updates – They now charge for the awesomeness! (undergroundmarketingsociety.wordpress.com)
- Usda 100% Rural Home Loans (tricontbuzz.com)
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