If an open, rural home is the place for you, Lynnwood mortgage loan officer David Haley can help broker you an appealing USDA mortgage. This loan program is offered by the United States Department of Agriculture to encourage development in some of the more sparsely populated regions, and people who qualify are eligible for some highly covetable mortgage terms.
The benefits from USDA loans come from the fact that the USDA guarantees your loan to the entity that is lending to you. This makes your case a lower risk to your lender, and they are therefore able to offer you a better deal, along with 100% financing.
When determining eligibility for a USDA loan, there are two main factors to consider. Firstly, you will have to find out whether or not the property you intend to purchase is located within a rural area, as defined by the USDA. Secondly, your household must fall with certain income parameters. The particular terms vary somewhat depending on your situation, but in general you can expect no money down on your loan and some significant savings down the line.
Call David Haley for more information on USDA loans, and where they might apply in the Lynnwood, Bothell, and Millcreek area.