October 9, 2019

USDA offers a handful of lending programs to assist low- and moderate-income borrowers by reducing the down payment. There is one USDA program that funds loans directly to low- and very low-income individuals, but most go through an approved bank or non-bank lender. In general the loans have decent rates, no prepayment fee, and a payback period comparable to that of a conventional mortgage.
These programs were designed to encourage rural development, meaning city homes are excluded. The USDA has an interactive, online tool to help determine if a property is eligible.
The program requires borrowers to meet certain income requirements, agree to personally occupy the dwelling (primary residence), be a U.S. citizen, U.S. noncitizen national, or qualified alien, have the legal capacity to incur the loan obligation, have not been suspended or debarred from participation in federal programs, and demonstrate the willingness to meet credit obligations in a timely manner. The program charges a fee of 1% of the loan amount upfront but this can be added to the loan balance and paid off as part of the monthly payment over the life of the loan. And the USDA charges a 0.35% annual fee on the loan amount. Again, the department allows borrowers to pay that fee over time, but the annual fee must be paid off over 12 months.

About the Broker/Owner 

Marcus Bruno

I am a licensed real estate broker with over 20 years of experience in the industry. I started my career in 2000 as a real estate agent, and in 2010 I became a broker. I have a passion for helping people find their dream homes and negotiate the best deals. I specialize in residential real estate, and I have extensive knowledge of the local market and trends. In 2015, I moved to Houston with my family and in 2018 opened Bruno Fine Properties Inc, a real estate brokerage that serves the Spring area and surrounding communities.  I am a proud father of five beautiful girls, and I have been happily married to my wife Malika Bruno since 2003. When I am not working, I enjoy spending time with my family, playing golf, and reading. I am always eager to meet new clients and look forward to sharing my knowledge.

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