Mortgage News
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The USDA mortgage loan is the only mortgage left that offers home buyers a mortgage with 100% financing. The USDA mortgage loan program requires the borrower to meet income limits and the property has to be in a designated rural area. The borrower can also use a seller concession towards closing costs up to 6% of the purchase price.
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The Section 203(k) program is the Department’s (HUD) primary program for the rehabilitation and repair of single family properties.
The borrower can get just one mortgage loan, at a long-term fixed (or adjustable) rate, to finance both the acquisition and the rehabilitation of the property. To provide funds for the rehabilitation, the mortgage amount is based on the projected value of the property with the work completed, taking into account the cost of the work. Rehabilitation/repairs are completed after closing.
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