With the housing market continuing to increase, the influx of people steadily moving into our community, and lower interest rates still in effect you may be thinking it might be the right time for you to jump into this thing called “homeownership.” You may
also be wondering about the best way to purchase a home before the interest rates, and the cost of homes exceeds your ability to buy. One of the many nice things about living in Middleton is that we are considered a rural community.
Because of this, a person can purchase in Middleton or the surrounding smaller towns and take advantage of a zero percent down payment, Rural Development or RD loan from the USDA.
If you haven’t heard of this type of loan, you should ask a local mortgage lender or bank about this loan program. Once you have made contact, the mortgage professional will be able to guide you through the free pre-qualification process and let you know if this loan would be an option for you.
The key features and requirements of a Rural Development (USDA) loan are:
1. You have the option of a 30–year fixed interest rate.
2. You can finance 100% of your home with no down payment required.
3. There is no monthly mortgage insurance.
4. The home must be owner-occupied, not an investment home.
5. There is a small fee as well as an income eligibility cap to qualify.
If purchasing a home is something that you have been considering or if you know someone thinking about buying or selling a home, please call your local real estate agent. If you do not have an agent,
please feel free to contact our real estate team. We can answer your questions and guide you thru the steps you need to take to make the dream of owning a home come true for you. Our real estate team can also recommend several mortgage brokers and see if an RD loan might be the right fit for you!
Have a great month Middleton, and I hope to see all of you around town soon!