USDA = 100% Financing

USDA Offers 100% Financing on Purchase and Refinance Loans

On a purchase loan, the loan amount can be increased above 100% to include closing costs if the appraised value exceeds the sales price.

USDA refinances are limited to existing USDA loans.  Streamline refinances are available without appraisals and are limited to paying off the balance of the loan only and closing costs cannot be rolled in.  Regular refinances allow for rolling in of closing costs based on the appraised value.

The property must be in a eligible zone and the household income must be at or below the limit for the area.

Give Nick or Jennie Garofalo a call at (410) 414-7334 for more information on USDA loans.  Funding for refinances is exhausted for this fiscal year but is expected to be replenished for FY13 in October.  Loan applications can still be submitted and underwritten but just cannot close until funding is available.