USDA Loans in Alabama

100% Financing on the purchase of a home. Yes, it's still available in Mobile and Baldwin Counties. So when looking at Buying your dream home consider using the USDA home loan program, qualified borrowers purchasing qualified homes can get 100% financing plus the seller can pay up to 6% of your closing costs. Working with a willing seller, you can achieve a no money down home loan backed by the federal government! That's right, qualified USDA loan applicants can attain 100% financing on qualified home purchases and can use 6% seller concessions to buy a home with very little to no out of pocket expense.

The USDA mortgage program, also known as a section 502 loan, was designed to assist low income households to purchase homes in local rural communities. These funds can be used to build, renovate, repair, relocate or purchase a home! This includes preparing a site for water and sewer!

Eligibility for the USDA loan program is very specific. Applicants cannot have an income in excess of 115% of the median income for the local community they reside in. Area income limits. Eligible families must be without adequate housing, and be able to afford the proposed monthly mortgage payment to include principle, interest, property taxes & homeowner insurance. In addition, applicants must have, as stated by the USDA "reasonable credit histories". All properties being considered must be within USDA approved rural communities. Contact me and see what areas qualify.

Under the USDA rural development program, loans are for 30 years and the interest rate is based upon the prevailing market rate, as set by lenders. Again, there is no down payment, however, qualified applicants must meet loan repayment ratio for gross income Vs. family debt. Ready to learn more? Call meCall me today and I will be glad to answer any questions. Also check out more listings at Homes4Mobile.com

Under the  USDA section 502 loan program, any home being considered must be modest in size, design and cost. Further, any home being constructed, purchased or rehab 'ed is required to meet the national model building codes for thermal and site standards. The USDA loan program is a fantastic opportunity for qualified home buyers to get 100% financing on the purchase of a qualified home! Call today at 251-455-7697 or use our click the contact me button to e-mail me any questions to get started.

At Homes4Mobile.com and the Kennedy Team is ready to help you with finding that dream home in a USDA area. There is also plenty of brand new houses in the USDA areas , as well as builders willing to build your home that qualify for this great 100% financing option.