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Would you like to buy a home in a more rural area or Minnesota, Wisconsin, or South Dakota with no down payment, and minimal out of pocket costs? Well you can with the USDA Rural Development loan from Cambria Mortgage.
You can finance 100% of the purchase price (ZERO down payment)
Sellers can help pay for your loans closing costs
Old bankruptcy or foreclosure is OK (more than 3-years old)
Inexpensive mortgage insurance costs (PMI) compared to other loans.
Single family homes, town homes, condos all allowed (in a "eligible areas")
Owner-occupied home from which no income can be derived
640 or higher middle credit score
While the USDA home loan has no down payment requirements, no down payment does not mean no money needed to buy a house. All mortgage loans also have closing costs which need to be paid, including appraisal, credit report, origination fees, lender fees, title company fees, state deed, county mortgage recording fees, and more.
The USDA program, just like most other mortgage programs allows these fees and costs to be rolled into the loan itself, therefore allowing most people to significantly reduce their out of pocket costs to a minimal amount. Contact us to go over how this works.
The average person will need $1,000 to $2,000 to buy a home. This includes earnest money (which you can get back at closing), a home inspection, and appraisal. This money can be a gift from a family member.
You must meet family household income guidelines. The county the home is located, and your family size will determined maximum household income to qualify for the USDA program. Check USDA INCOME Eligibility here
To obtain a USDA rural loan, the property must be within a USDA property eligibility zone. This is generally areas with a population of less than 20,000 people based on the last census. You can check USDA property Eligibility here
Get approved for a USDA Loan in MN, WI, and SD with 3 Simple Steps
Check Property Eligibility
Apply - USDA Loan Application.
Cambria Mortgage - St Paul, MN Office
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Cambria Mortgage. Nationwide Mortgage Licensing System and Registry (NMLS) # 322798. Joe Metzler, Licensed Mortgage Loan Originator NMLS # 274132. Minnesota Lic/Reg #: MN-MLO-274132. Wisconsin Lic/Reg #: 11418. South Dakota MLO.03095
33 Wentworth Ave E - St Paul, MN 55118. Equal Housing Lender (C) 1998-2019 - Joe Metzler for Cambria Mortgage