The Ohio USDA loan program has helped thousands of Ohio borrowers purchase and refinance homes without any down payment or equity. Aside from the VA loan program, Ohio USDA loans are the only mortgages available to borrowers with ZERO MONEY DOWN. 100% USDA Rural Development Loans are offered with no monthly mortgage insurance and and great interest rates.
If you are a home buyer lacking the down payment required on a conventional or FHA loan, then an Ohio USDA home mortgage loan may be exactly what you are looking for. USDA home mortgage loans are available to help low to moderate income households, recognize the American Dream of home ownership. The program enables borrowers to purchase homes in certain areas of Ohio determined by the United States Department of Agriculture with NO DOWN PAYMENT requirement! USDA home mortgage loans offer many advantages to qualified borrowers looking to buy or refinance including:
- 103.5% financing is based on appraised value. If appraised value exceeds purchase price, borrower can finance closing costs and up to $10,000 in repairs.
- No monthly mortgage insurance applies to USDA loans; however, there is a one-time guarantee fee of 3.5% that can be financed above the appraised value.
- The USDA loan has no asset requirements.
- There is no first time homebuyer restriction for the USDA program.
- No minimum cash contribution is required from the borrower for USDA loans.
- 6% seller paid closing costs and 100% gifting allowed. Borrowers can purchase a home with no money down.
- No post closing asset reserves are required.
- The Ohio USDA loan program is offered with a 30 year fixed rate.
- The USDA loan has no prepayment penalty.
To view property and income eligibility visit USDA’s website. In addition to the geographic restrictions, all loans are available for primary residences only, must meet the USDA’s current income limits, and income must be fully documented.
If you are interested in being approved for a USDA loan, or if you have any questions about it, please contact me.
