Consumption and Real Estate
I was wondering if anyone knew anything about USDA mortgage in Maryland? I’m looking for details if possible?
Question : I was wondering if anyone knew anything about USDA mortgage in Maryland? I’m looking for details if possible?
I’m a first time Home buyer ex Realtor and I understand a little bit about it. I did not have my Maryland License but I’m looking to get answers for my Mortgage lender who seems can’t find any??? Thank you for your help, I greatly appreciate feed back
maryland mortgage
Best answer:
Answer by Doctor Deth
USDA? You mean US Dept of Agriculture? since when do they have anything to do with mortgages?
What kind of details do you need besides the following.
1) No down payment required
Is similar to FHA with property condition requirements.
2) Need a 620 mid score
3) No monthly mortgage insurance
4) Home must be in a USDA designated area – This can be looked up online
5) Can use seller concessions for closing costs or you can roll them in to the loan as long as there is room*
6) The loan does have income restrictions – This can be looked up online
7) Only offers a 30 year fixed loan
9) Also has a streamline refinance option for down the road
10) Very strict on the maximum debt to income ratio.
Does that help?