Different Loan Types USDA

Dated: 12/11/2018

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I've talked to you about conventional, VA, & FHA loans. Today I'm going to talk about USDA loans. 

USDA loans are great for people that have less money for down payment and closing cost. This loan is guaranteed by the Department of Agriculture and it's only available in certain areas. It does allow for less than perfect credit and it allows for you to roll in your closing cost up to your appraised value. It is a fixed rate product for 30 yrs most common. This loan offers no down payment, you still will have closing cost, and you could have some flexible qualifications.  This program is great for first time home buyers, but it's not for investment purposes. This is for your primary residence only. You also qualify with lower credit scores than you would with a conventional loan. You will also need to have any Federal credit obligations up-to-date, ie "student loans."

You will have a monthly payment that will include an escrow for taxes, insurance, and mortgage insurance. 

USDA Loans

  1. offer no downpayment or minimal amount out of pocket

  2. finance up to 100% of home value rolling in closing cost

  3. you could use monetary gifts for down payment or closing cost

  4. you don't have any prepayment penalties if you pay off your home early

Orlando Ayala, PA
Realtor
Multi-Million Dollar Producer
La Rosa Realty, LLC
Clr   813-384-8211
Fax  813-283-1595
oayalare@gmail.com

www.orlandoayalarealty.com

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