Gustan Cho Associates Mortgage Group is a national mortgage company with no overlays on government and conventional loans. Besides the area of the home being located in a designated county, the borrowers need to meet credit and income guidelines.
Here are the basic credit eligibility requirements:
For example, for a household of 5 in a certain county, the maximum income for borrowers may be capped at $121,700.
How Much Money Does Home Buyers Need To Purchase Home With USDA Home Loans
There are two types of payment home buyers needs when purchasing a home.
Qualified homebuyers can purchase homes in a rural designated area anywhere in the United States with no money down and 100% financing.
Most homebuyers do not have to worry about coming up with any closing costs
USDA allows sellers to contribute up to 6% in sellers concessions for home buyers closing costs
All sellers concessions need to be used by home buyers
If there are sellers concession overages, it needs to go back to a home seller
However, if there are any sellers concession overages, it can be used to buy discount points to buy down mortgage rates
USDA, besides VA Loans, is the only loan program that offers 100% financing
If home buyers are short of paying for closing costs, the mortgage lender can help with covering closing costs with a lender credit.
Qualifying For USDA Home Loans With Direct Lender With No Overlays
Home Buyers who want to start the qualification and pre-approval mortgage process with a national direct lender with no overlays on government and conventional loans can contact us at GCA Mortgage Group at 262-716-8151. Text us for faster response. Or email us at [email protected] We are available 7 days a week, evenings, weekends, and holidays. We close 100% of all of our pre-approvals since all of our pre-approvals are loan commitments to lend that have been underwritten and signed off by our mortgage underwriters.