| In the midst of all the stimulus bailouts, credit | | | | With a simple phone call we can tell you what you |
| crunch, tougher lending guideline and requirements | | | | can qualify with your income. |
| for higher scores, there emerges one bright light; | | | | There are no restrictions on the price of the |
| USDA, Rural Zero Down Home Loans. That's right | | | | home you would consider, as the price will be |
| Zero down. No down payment. And the closing | | | | restricted by what you can qualify for with your |
| costs can be paid by the seller or financed in the | | | | income. So the 750,000 McMansion probably won't |
| loan if the appraisal is high enough so that it is | | | | work. |
| very possible (almost every one) to buy a home | | | | Another condition is credit scores. The Rural |
| with no money out of your pocket! | | | | Home loan is much less stringent and everyone |
| For all the hassle it takes to get an FHA or | | | | gets the same great low rate. The Rural home |
| Conventional loan today, and they require a down | | | | loan will take the middle score of your three |
| payment, the Rural home loan program is by far | | | | credit reports, Equifax, Experian and Transunion. |
| the easiest. These loans are for the outlying areas | | | | Essentially it doesn't matter how low one of your |
| of King, Snohomish, Pierce, Thurston, Skagit and | | | | scores are as long as two of them are over 620. |
| Whatcom Counties (actually all "rural areas of the | | | | A lot of people can qualify for a loan with these |
| US). These areas aren't the remote hinterlands, | | | | standards but even better is that they really don't |
| but rather skirting the city limits of the larger | | | | consider the past credit history to be very |
| towns and cities in the area. This is the first of | | | | important. Even bankruptcy, repossessions and |
| several conditions to qualifying for one of these | | | | foreclosures have little to no impact on |
| home loans. | | | | qualification. If you are over two years out of |
| The second condition is income. Unlike every | | | | bankruptcy then you still have a chance to finance |
| other loan that wants you to make more money, | | | | a home. As well as if you have current collections |
| this is for moderate to low income brackets. This | | | | and charge offs, as long as your score is over |
| is based on the county median income and for | | | | 620 it really doesn't matter. If it isn't, we can help |
| your county. Snohomish County for example a | | | | those that really want to raise their scores. |
| family of four can make up to $88,400 adjusted | | | | With the price of homes where they are today, |
| gross income per year and still qualify (you could | | | | interest rates at record lows and less than |
| actually make more). The incomes currently are | | | | perfect credit considered, there couldn't be a |
| tiered by number of people in the house hold | | | | better time to buy a home. The Rural loan |
| from one to eight and the income limits vary by | | | | program is really the home loan for "Joe Six |
| the number of people residing in the house. This is | | | | Pack". It is the one home loan that can still give |
| supposed to change soon to a two tier income | | | | you the chance at the American Dream. |
| platform (allowing even more people to qualify). | | | | |