100% Home Loan Financing through USDA still available in a few SMALL pockets in Menifee

As of October 1st, the USDA 100% loan financing program revised their eligibility map, and now most of the newer home developments in Menifee are excluded from their FANTASTIC loan program.

Even though you put NO MONEY DOWN, the monthly payments ended up being LESS than traditional FHA loans with 3.5% down.

Here is an example of the difference on a PITI  (Payment, Interest, Tax, Insurance) on a $300,000 loan:

$2,130 per month on an FHA loan with 3.5% down
$1,988 per month on an USDA loan with $0 money down

The savings comes from the lower Mortgage Insurance premium.


Somehow, it appears these small pockets of Tract Homes were missed, and are still eligible:

CAMDEN Neighborhood - KB homes built in 2003-2005

MARIGOLD Neighborhood - Richmond America homes built in 2005-2007

MOUNTAIN GATE Neighborhood - Heller Development built in 2005-2006

 This Tract is located across from Heritage High School,

but not in City of Menifee  (Romoland0

(This Tract was never completed, but the development is being sold to a new builder - so look for new homes in the future!)

IF YOU ARE INTERESTED IN SEEING HOMES IN THESE AREAS, OR IN ANY OTHER MENIFEE NEIGHBORHOODS, GIVE ME A CALL or SEND ME AN EMAIL!

I LOVE HELPING BUYERS!

Cynthia Nemelka
RE/MAX DIAMOND REALTY
(951) 259-9019
RemaxCynthia@gmail.com


There are income limits and restrictions for the USDA loans, but if that doesn't work for you, there is also now a new loan product called the FHA Access Loan which just short of  99.5%   I'm not sure of the ins and outs of this loan.... I'm just a Realtor.  <wink> But, for more information, contact your lender, or you can give one of my favorite loan guys a call:

--

Guy Campbell 

GEM MORTGAGE

 A division of Golden Empire Mortgage

41870 Kalmia Street, Suite 100

Murrieta, CA 92562

Mortgage Loan Originator

NMLS# 235872

951-775-5037Cell