USDA Expands Eligibility for Zero Money Down Loans in Wentzville
Good news for potential home buyers in the Wentzville and Foristell areas. The USDA is expanding its very popular zero money down loan program into new areas of Wentzville and Foristell. Originally the USDA (United States Department of Agriculture) provided loans to help rural Americans realize the dream of home ownership. Now the very popular program covers many areas in the suburbs. Note the map below for the new areas of coverage. Please note that homes located in the white areas are eligible while the tan areas are not.
USDA Loan Program Opens New Opportunities for Home Ownership for Many in Wentzville and Foristell
Everyone knows one of the toughest parts of buying a home is coming up with the down payment money. FHA loans require 3.5% down while USDA requires no down payment. As those of you who are familiar with the areas in the above map will know … we’re not talking about farmland here! This is a great chance for many new people to realistically own their own home in a great location!
The Benefits of a USDA Loan
- Eligibility – Who is eligible? Any family or individual who wants to have a home located in an eligible area as their primary residence (no vacation homes or non-owner occupied properties) may qualify for this loan. Applicants will have to provide a sufficient amount of income verification along with credit history that will demonstrate the ability to meet the loan’s repayment obligations.
- No Down Payment Required – If you qualify for this loan you can have the flexibility to pay nothing out-of-pocket for a down payment. In addition, the borrowers are allowed to use a gift or grant to go toward the mortgage. (Time to call grandma and grandpa along with your favorite uncle).
- Competitive Interest Rates on 30 Year Loans – Since the government is guaranteeing the loan lenders are able to offer competitive interest rates of 30 year loans and we have heard 15 year loans may be available in September. In addition the USDA Loan has low PMI (private mortgage insurance) competing against FHA loans.
Where are the Homes for Sale and How to Find Out if It’s In the Area of Eligibility
Below are links showing homes for sale in the Wentzville and Foristell areas. Please note: Eligibility will depend on the location of the home based on the map provided by the USDA. Click here and type in the address of the home you are interested in and their site will tell you if the home qualifies.
Call Finding Homes for You for More Information
Finding Homes for You is here to help you find and get your home. We only work for buyers and we never take listings or work for any seller. Don’t enter the real estate market without an agent on your side. Click here to learn more about what we can do for you. If you’d like to talk to a local lender about these USDA loans call Eileen Dalhoff at Central Bank of St. Louis.
Her direct number is 314-210-1884. You can call us about any of the properties you’re interested in at 636-532-4200. Take advantage of low interest rates and a wonderful loan!