<p>In the past few months we have written a lot about FHA loans and the benefits of this “in vogue” mortgage product. We have also talked about the tightening of the industry, especially in the Freddie/ Fannie Conventional world. </p><p>So if I told you that there was a Conventional loan that had: NO down payment, NO monthly PMI, the seller is allowed to pay all reasonable closing cost and prepaids, and NO hit to the rate for the zero down, NOT a first time home buyer program and No reserves needed, what would you think? If I told you also that this particular mortgage also has a unique feature that all reasonable closing cost and prepaids can be rolled into the mortgage without the seller actually “paying” the cost (as long as the house appraises for the increased loan amount)? Think about how useful that would be in negotiations of contracts, especially when your buyer is purchasing a foreclosed property.</p><p>There IS a Conventional loan that has these great options and it is the USDA loan (yes, like the beef). It is area specific and income limited, so it is important that you work with a lender that is very knowledgeable with the loan guidelines! </p><p>Cities that are eligible for USDA (list not exclusive…. Contact us for a full list):</p><p>Alba, Anna, Aubrey, Avondale, Azle, Bardwell, Blue Mound, Briar, Caddo Mills, Campbell, Canton, Celeste, Celina, Center Point, Combine, Commerce, Corinth, Cottonwood, Crandall, Crowley, Edgewood, Edom, Farmersville, Fate, Ferris, Forney, Fruitvale, Glen Heights, Grand Saline, Grays Prairie, Haslet, Hawkins, Heath, Highland Village, Italy, Justin, Kaufman, Kemp, Krum, Lake Dallas, Lakeview, Lavon, Little Elm, Long Oak, Mabank, Melissa, Midlothian, Milford, Mineola, Nevada, Oak Grove, Oak Ridge, Ovilla, Palmer, Pelican Bay, Pilot Point, Ponder, Princeton, Prosper, Quinlan, Quitman, Red Oak, Roanoke, Rockwall, Rosser, Royse City, Saginaw, Sanger, Seagoville, Talty, Van, W. Tawakoni, Terrell (outside city limits only), Westminster, Wheatland, Wills Point, Winnsboro, Wylie and Yantis.</p><p>Max Family Size/ Household Income</p><p>1 2 3 4 5 6 7</p><p>$53550 $61200 $68850 $76500 $82600 $88700 $94850</p><p>If we can be of assistance to you or your buyers in this great program, simply call us at 972-278-3400 or email us at [email protected]. Because of our expertise of this great mortgage, I am one of the only two loan officers in North Texas on the USDA advisory board- we know this product well! Let us know when we can be of assistance. What’s the Beef…… think USDA …. and then call The Davidson Mortgage Group! Have a blessed August and a safe last month of summer. Linda</p>