Purchase A Home With Zero Downpayment Using USDA
Nonato B. Icarangal
Home Loan Originator
Compass Home Loans
MLOC # 1194719
One of the biggest challenges facing many first-time homebuyers involves coming up with the necessary funds for downpayment and closing costs. If you happen to be shopping for a home in an eligible neighborhood, the USDA program may be one of the best options to consider.
Aside from reduced fees, the USDA loan is a great option due to the features of the program itself. The USDA loan allows participating lenders to provide up to 100% financing on homes in designated rural areas. These designated areas, as shown on the map, include Kapolei and Ewa Beach. As a conventional 30-year, fixed-rate product, it is straightforward and uncomplicated for those who may be new to home loans. The USDA home loan also allows for buyer qualification with less –than-perfect credit.
In addition to the geographic boundaries, the USDA program does have income limits per family size. Lenders must be approved to offer USDA loans, so it important to make sure you consult with an approved lender who is knowledgeable about the program.
With no down payment required and flexible credit guidelines, a USDA mortgage loan has a great number of beneficial features. Compass Home Loans is well versed in the USDA home mortgage options. Find out more about the qualification process of designated areas for this type of loan by scheduling a no-obligation consultation with one of our Loan Officers. Please contact us at (808) 518-3650 or visit our website at www.compasshawaii.com.
Compass Home Loans, LLC is licensed as a Hawaii Mortgage Loan Originator Company and a sponsored third party originator authorized to originate FHA and VA loans. NMLS# 1194719 (www.nmlsconsumeraccess.org). CompassHome Loans, LLC is regulated by the Hawaii Division of Financial Institutions, and offers many loan products. Contact a Compass Home Loans Representative to learn more. This is not a commitment to lend. 2016 Compass Home Loans, LLC. All Rights Reserved.