If you’re not familiar with the USDA 100% financing program, I am happy to inform that there is money available for PURCHASE transactions. If you have any clients looking for primary residences in the Tahoe Area, this could be a great low (NO) down payment option.
· 1 loan – 100% financing
· No mortgage insurance
· 30 year fix
· Current market rates
· Owner occupancy required
· Maximum Income limits:
o $79,550 (1-4 person family)
o $105,000 (5-8 person family)
· Credit: There is no minimum credit score, but credit is very much considered in the evaluation of overall credit worthiness. 700+ is a good place to be.
· Property: Must be in what the USDA considers a “rural” area. Fortunately, Truckee qualifies. Properties can be verified here: http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do
· Debt to income ratios: 41%
· US Citizenship
· Residential properties only. May not be used for income production.
· Home must be structurally sound, functionally adequate, and in good repair.
Partner, Mortgage Consultant CMPS
O’Dette Mortgage Group
530-550-5725 (Tahoe office)* 11209 Brockway Rd.. #304, Truckee, CA 96161
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