There is a 100% financing option that has returned to central Ohio home buyers.
The USDA Rural Development program has recently announced that it has more funding and could be a great option for Delaware, Ohio, buyers that are looking to buy a home but have limited money available.
There are some restrictions for the loan including:
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- Applicants may have an income of up to 115% of the median income for the area.
- Families must be without adequate housing, but be able to afford the mortgage payments, including taxes and insurance.
- Applicants must have reasonable credit histories.
- Homes must be located in areas determined to be in the rural development zone.
- Loans must also fall into conventional home mortgage ratios when taking into account the principle, taxes, interest and insurance.
There are loan limits in place that will limit the amount that people will want to keep in mind whey they are searching for a home. While the program does require a property to be located in an approved area there are at least pockets of approved locations in 86 Ohio counties — only Cuyahoga and Summit are entirely excluded.
| County | Limit | County | Limit |
|---|---|---|---|
| Delaware | $177,000 | Morrow | $160,000 |
| Marion | $160,000 | Licking | $160,000 |
| Union | $185,000 | Franklin | $152,000 |
Could this be the right option for you? There is only one way to tell.
Fill out the form below and local-mortgage representative John Berner, with Equity Resource Management, will contact you with more details and determine if this is the right opportunity for you.
Please note that by submitting this form you are authorizing Toby Boyce and John Berner to contact you regarding the purchase of real estate. That is all. Thanks for reading.
