Mortgage Loan Limits
In reality, there is no limit to the loan amount in it's self.
However the loan amount is limited based on what the applicant qualifies
for. Therefore the limits are controlled by income,
which is controlled by the median income for the area, and debt ratios.
In my opinion this is a great thing and it should prevent people from
getting into loans they cannot afford. Yea! 100% LTV loans
have always been a risk, ... but not this loan. That's why I like it
so much. Oh, did I say that the 100% LTV is based on the APPRAISED
Value, not the purchase price. Even though this loan offers 100%
LTV, No Down Payment, and no limit to the amount of seller concessions
(limited only by the lender) this loan is very safe for the applicant and
the lender. This loan is not limited to first time home buyers and
it is a 30 year fixed rate. It just doesn't get any better than
this.
USDA
Direct Loan
|
