** Important note **  USDA program is limited to funds available - there may be times when we USDA financing is not an option.  June 2010 - please call us for updates on USDA - we are able to accept applications again for USDA loans.

information copied from USDA website:

Eligibility criteria:

• Occupy the property as your primary residence.

• Do not own an adequate home.

• Do not have sufficient cash for a 20% down payment plus pay typical loan closing and relocation expenses.

• Be a U.S. citizen, a U.S. non-citizen national or a “qualified alien”.

• Provide stable and dependable income for repayment ability.

• Have a credit history that indicates a willingness to meet obligations as they become due.

• Have an adjusted household income that is within Rural Development guidelines based on the number of persons who will occupy the home.

• Purchase a residential property that is located in a Rural Development eligible area.
  

Advantages:

• No Down Payment Required

• 30 year fixed rate

• 102% LTV (100% plus guarantee fee)

• Finance Closing Costs If Appraisal Is Higher Than Sales Contract

• No Mortgage Insurance

• No cash contribution required from borrower.

• Unrestricted gifts, no need to document source.

• No Maximum Loan Amount

• No Reserve Requirement

• High earnings potential.

• Competitive rates (set by underwriting lenders).

• Utilize in Conjunction with State Housing Authorities, if available.

Additional Lender Guidelines:

• You do not need to be a first-time buyer (can have owned a primary residence in the past 3 years)
• No down payment plus high seller concessions allowed = less cash to close than other loans
  
• No MI insurance such as FHA, no PMI insurance even though loan amount exceeds 80% of value
• USDA fee for purchases 2% of loan amount, refinances of USDA loans .50% of loan amount can be financed.
• No prepayment penalties means you can pay off your loan at any time.
• No maximum loan amount - income limitations will determine.

Added bonus for first time home buyers in NV - ask us about the Mortgage Credit Certificate program that may help you reduce your federal taxes each year for the life of your loan. Rates are great right now!

Call Jerry:  775-624-5107

Call Tomi:  775-624-5109

Equal Housing Lender. © 2010 Mason McDuffie Mortgage. Some products may not be available in all states.