ZERO OUT OF POCKET - (FMH-USDA-MLS)

UNITED STATES DEPARTMENT OF EDUCATION

FMH-USDA-MLS

Down Payment Assistance program for Existing Homes listed for Sale, in the Multiple Listing Service, commonly known, as the MLS


ZERO OUT OF POCKET......
One of the ways in which we can help you purchase an existing home listed for sale in the MLS with ZERO out of pocket is by having one of our preferred Lender(s) fund your Mortgage Loan through a “Mortgage Loan Guaranty” program by The United States Department of Agriculture.

All Mortgage Qualified Homebuyers approved by our Lender(s) through the United States Department of Agriculture Mortgage Guaranty Program purchasing an existing home listed for sale in the MLS and located inside of an USDA Designated Area can always close with Fund My Home.org with ZERO out of Pocket.

Approximately 93% of Cities and Towns in the United States are located inside of USDA Designated Areas.

DEBT TO INCOME......
The Maximum Debt to income Ratio for this program is 45%.

CREDIT SCORES......
The Minimum Credit Score for this program is 640, Some conditions may apply

LOAN LIMITS....
The County Loan Limits for this program is set by HUD.GOV, the U.S Department of Housing and Urban Development FHA.

BANK APPROVAL......
For this program, all Purchase Transactions require Bank Approvals which are Guaranteed by The United States Department of Agriculture.

MORTGAGE INSURANCE......
For this program, all Purchase Transactions require Mortgage Insurance. Follow this link to confirm that your home address is located inside of an USDA Designated Area.

WELCOME TO THE USDA PROPERTY ELIGIBILITY SITE......
Now that you are aware of how a Mortgage Loan guaranteed by the United States Department of Agriculture, in combination with FundMyHome.org can potentially help you purchase your dream home with zero out of pocket and realize that most of the Cities and Townships in the United States are located inside of USDA Designated Areas, you can now use the USDA website to determine for yourself, whether the home you wish to purchase would be eligible for this program assistance.

To determine that a property is located in an eligible USDA Area......
First click on the Single Housing Guarantee link located on the top left side of your screen.

Then, click on the Property Eligibility menu.

Then, you must first accept their Property Eligibility Disclaimer

To proceed with viewing the eligibility map, you must accept this disclaimer by clicking on their acceptance button located at the right bottom of your screen

Once you have accepted their disclaimer, a map of the United States will appear where you can enter the address of the home you wish to purchase

Please note that the areas highlighted in orange color are outside of USDA designated areas and do not qualify for this program, on the other hand.., areas highlighted in white color, are inside of USDA designated areas and, do qualify for this program

The good news is that approximately 93% of the map is highlighted in white color.., which means that there is a very high probability that the home you wish to purchase is inside of a USDA designated area and would potentially qualify for this program assistance

You can use the zoom tool, located on the left side of your screen, to zoom in, or zoom out of the map of the united states.

Now that you know how to determine whether the home you wish to purchase is inside of a USDA designated area Let’s review how to use the income eligibility functions of the USDA website.

Once again, click on the Single Housing Guarantee link located in the top left side of your screen.

Then, click on the Income eligibility menu button

Next, select a state

For this training session, we will select Florida

Then, select a county

In this example, we will pick Palm Beach County

In the Household Member information section. enter the number of people who will live in the household. here we Include all persons who will live in the household, except foster adults and foster children. For this example, we will enter 5 people.

Next enter the number of people who will live in the household who are under 18 years of age, are disable, or are full-time students. In this example, we will enter 1

Next, Specify whether the applicant or co-applicant are 62 years of age or older. In this example, we will select no.

And finally, specify whether there will be disable people living in the household. In this example, we will select yes.

Now press next

In this page, In the expenses and deductions sections

Enter the annual childcare expenses. For this example, we will enter $5,000.00

Next, the annual disability expenses

Here we enter the amount of disability expenses that when combined with eligible medical expenses, exceed 3% of the Gross Annual Income of the Applicant and Co-Applicant

For this example, we will enter $12,000.00

In this final section, the Gross Monthly Income section, We will enter $10,000.00 per month as the base employment income, Then press finish

As you can see, for this scenario, the Buyer’s income is Eligible for an USDA Guaranteed Loan.

Here is the summary of the Adjusted Annual Household income

The Homebuyer's Annual Household income is $120,000.00

The total deductions are $17,480.00

The Homebuyer's Household Adjusted Annual Income is $102,500.00

The Maximum Household Adjusted income for the Selected County and State is $133,300.00

So, in this scenario the Homebuyer's income is eligible for an USDA Guaranteed Loan, which can cover 100% of the purchase price. FundMyHome.org will contribute funds towards the closing costs. The Homebuyer can come to close with Zero or little out of pocket.

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