So you wish to buy a home and you have no or very little money saved for down payment? Also you have read so much about all the foreclosures of homes across the country. Which was fueled by either, a no documented loan (a loan where no consideration of the buyers finances is taken in account) or a piggy back loan, (a loan where there are actually two loans such as 80% and 20%, the 20% amount was an adjustable loan rate). When it adjusted at a much higher rate, the buyers couldn’t afford the payment, so payments weren’t made and they went into foreclosure and lost the homes.

As a trusted real estate agent I have found a safe way for you to still purchase a home with no money down and no Private Mortgage Insurance payment. It’s by using a Rural Development Loan. Currently I have listed a home for sale in LeRoy, Illinois. It’s a 3 bedroom, 1 bath ranch on a large lot and the asking price is $103,900. If the purchase price is for full price, the monthly payment would be approximately $785.56 per month. This would cover the principal, interest, taxes, and insurance. The interest on the loan would be 6% and the APR is 6.175%. The loan is for 30 years and the interest rate is fixed. Certain restrictions do apply.