The Rural Housing Program is considered one of those hidden treasures in the mortgage world. It is one of the only true 100% financing programs available in this real estate market for home buyers.
Here are the details of this program:
Our best lender has approved applications with credit scores as low as 580. Typically, a 620 is best, but if you have compensating factors to help offset the risk of a credit score below 620, most likely I can get you approved!
There is absolutely no PMI (private mortgage insurance) included with the total mortgage payment. Yes, no PMI, even though you won't have a down payment.
This program is called "Rural", because there are certain areas that are not eligible for this program. All of Milwaukee county is NOT eligible, just so you know, but many areas throughout the entire state of Wisconsin are eligible. Just ask and I'll look up your area.
The interest rates are very favorable. You will only get a fixed rate, so no need to worry about adjustable rates with this program. The rates are very similar to FHA loans...and we all know those are very good fixed rates!
I really encourage you to get yourself pre-approved with this program, before getting to far into looking at homes you want to buy. Sellers today are looking for serious buyers and a serious buyer has a pre-approval letter ready.
I have an online application that is very secure with your information and very easy to use. It comes directly to me and your information is never sold. I can issue you a pre-approval letter in as little as 24 hours!
If you are not comfortable with an online application, that's ok! Feel free to call me at the office directly, (262) 923-2261, and we can go over the application and questions on the phone.
