USDA loans are great for several reasons, but will no longer be available in 2 weeks. Here is why you should take advantage of them if your situation permits:
- No down payment option: If you don’t have savings or simply wish to retain them, you can still qualify for this loan.
- 100% financing: This allows more people to be homeowners.
- No reserves required: Buyers do not need to provide bank statements to qualify.
- Expanded qualifying ratios: Buyers with satisfactory credit may qualify with higher deb-to-income ratios to accommodate high-cost housing areas.
This USDA rural development loan can only be utilized west of I-95. It will no longer be available in two weeks because the Federal Government only allocates a certain amount of funds for the loan. If you are on the fence about what financing option you want, this may be a great option for you. We can put you in touch with one of our lenders and get you all the details you need to qualify.
If you have any questions about this loan, or are interested in buying or selling real estate in the Savannah area, don’t hesitate to give us a call. Thanks, and have a great day!