Everything You Need To Know About An Oklahoma Usda Mortgage
Oklahoma USDA Mortgage and Home Loan Program Information
The majority of people do not know that USDA (United States Department of Agriculture) has Home Mortgage programs.
Oklahoma USDA (United States Department of Agriculture) rural mortgage program is one more government sponsored home buying program. Like a Oklahoma FHA Mortgage and Oklahoma VA Mortgage, Oklahoma USDA DOES NOT originate the mortgage, you get an Oklahoma USDA mortgage through a lender like ZFG Mortgage!
Basic highlights of an Oklahoma USDA mortgage program:
"Zero Money Down
"One Loan at a Low Fixed Rate
"No Mortgage Insurance (PMI) Insurance required
"No cash required (money in the bank not required)
"Single Family Homes only (can't purchase duplexes, apartments, ect.)
"No mobile homes
"No "fixxer-uppers" (standard homes in working order)
"Flexible credit requirements must have 620 credit score (similar to FHA)
"Closing Costs,1st years Hazard Insurance and Taxes can be rolled into the loan.
Income Restrictions: Rather than having a loan limit, USDA has household income limits, which vary by county and household size. But in most areas that limit is $71,000.Click Here check your USDA income restrictions in your area.
Location Restrictions: USDA home loans are not for the "big cities" but most surrounding areas qualify. .Click Here to check qualifying areas in Oklahoma.
If you qualify for an Oklahoma USDA mortgage, it can be a more attractive mortgage program than Oklahoma FHA Mortgage! You can also use the 100% Home Loan / Oklahoma USDA mortgage in combination with the $8,000 Government First Time Home Buyer Tax Credit or the new $6,500 tax credit for existing home owners.
by: Bill.SheikhAbout the Author:http://www.zfgmortgage.com