No Money Down mortgages still available

We have reported before on the FHA (Federal Housing Administration) program which allows you to get government insured mortgages with as little as 3.5% down. There is an even better offer available from the Rural Development Administration (http://www.rurdev.usda.gov/) IF you qualify.

The two major qualifications are location and income. You must be buying a home in a city or town with less than 25,000 population, although it could be a suburb of a larger city. In addition, your family income cannot be much more than the average income for that area.

RDA loans also require that you have a steady job and a reasonable credit rating.

If you meet all these requirements, it can be a good deal, and demand for these no money down mortgages has been rising rapidly. There is a maximum on the amount of money RDA can guarantee every year, so if you are interested we advise acting sooner rather than later.

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