Delaware Mortgage Loans

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Delaware USDA Rural Housing Loans can be used to purcahse a home and allow you to borrower up to 102% of the appraised value.  This is a big different from Delaware conventional loans and other government loans.  Every other loan bases the maximum amount you can borrower off the LOWER of the purchase price or appraised value.   USDA Rural Development Loans will let you borrower up to 102% of the appraised value no matter what the purchase price.  So lets say you are buying a house for $210,000 and it appraises for $220,000.  You could borrower up to 102% of $220,000 which would be $224,440.  Now you can’t get paid to buy a house so you can only borrower above the purchase price to cover your closing costs.

You can potentially buy a home with no out of pocket costs if you are buying the property below market value.  This is the only way left to borrower to get a loan for 100% financing except for a Veterans Aministration Loan.

There are only two restricitons for a Delaware USDA Rural Housing Loan – Income and Geographical Restrictions.  There are no loan limits for USDA Rural Housing Loans.

For Delaware USDA Income Guidelines please visit http://www.delawaremortgageloans.net/archives/334

For Delaware USDA Geographical Restrictions visit

If you would like to apply for a USDA Rural Housing Loan then please feel free to call me at 302-368-7132 or send and e-mail to DelawareMortgages@yahoo.com.  I am a certified USDA Rural Housing Loan Specialist and have been helping people qualify for these loans for the past 10 years.

John R. Thomas – Certified Mortgage Planner – Primary Residential Mortgage, Inc

Primary Residential Mortgage is a licensed lender in 45 states.