I decided to do an update on the USDA Guaranteed Rural Housing Development Loan. In Mesa County we just got new maps that allow more areas to fit into this program, which is probably one of the best kept secrets out there. It is an awesome program, especially for low to moderate income buyers. You get 100% financing on the purchase of a home. The one time upfront fee is 2.75% and financed onto the mortgage. The monthly annual mortgage insurance is .50%. This is much better than FHA and even beats out Conventional PMI. There are income limits and restricted areas in which you can buy homes. They have a great website for finding out eligibility at USDA Rural Development. Of course, if you live in Mesa County I can answer all of those questions for you.
One of the best products on the market just got better. For October 2016 to October 2017 the upfront fee was lowered from 2.75% to 1.00%. The monthly fee was lowered from .50% to .35%. These fees are lower than FHA by far. So if you are buying a single family residence in a rural area, this is the product to use.
In Mesa County that would mean homes in Fruita, Palisade, Mack, Loma, Whitewater and a small strip in the southern side of Grand Junction, between 30 and 32 Road.
These loans require zero down payment and is a program primarily for first time home buyers. However, as long as you don’t currently own any other real estate, you can qualify. The income limit is 115% of the county medium income per household.
We would be happy to assist you with any questions you might have on this product, or any other mortgage lending questions.
DEPENDABLE MORTGAGE CO.
License #100008357 NMLS #381084
145 Grand Avenue, Suite B
Grand Junction, CO 81501
Office: (970) 257-1502 Cell: (970) 250-8613
Website: Dependable Mortgage Co. (apply online 24/7)
Equal Housing Lender
Regulated by Real Estate Division