Mortgages News for cash short buyers…..
Cash short buyers can look to the United States Department of Agriculture (USDA) – Rural Housing. The USDA – Rural Housing for 100% financing to purchase a home. This is a terrific program for cash short buyers to consider when buying a home….it is truly 100% financing.
The #1 item to keep in mind is that the property does not have to be in a rural area at all in order to be eligible – the property does not have to be “way out in the country” somewhere. For instance, in Prince George’s County, most or all of the Marlton community is eligible…..also, parts of Brandywine and pockets of Accokeek.
To see if a particular home is eligible for this program, click on the link below, and simply type in the full address of the property and, in a matter of seconds, it will tell you if the house is eligible or not.
Sellers – if you have a home that is located in an area that might be considered rural, go ahead and see if your property is eligible for this program. If it is, imagine the activity that you can generate by saying that 100% financing is available to purchase your home.
There are income limits for the buyers, but those limits run considerably higher than programs such as “My Home” or “FHLB.” There is mortgage insurance on a USDA loan, but it is far less than the MIP on an FHA loan. The USDA program is not limited to first-time home buyers.
This program may not be “the answer” for all buyers, but for those cash short buyers it could certainty help some buyers purchase a home in 2013.
WHAT’S THE LATEST SCOOP ON FIRST-TIME BUYER PROGRAMS:
BUY SUITLAND – still has money available, but keep in mind that it is limited to certain properties in certain parts of Suitland, MD.
MY HOME/NSP – This program has not been rolled-out yet. The word on the street is that this year’s program will be rolled-out shortly. We will notify you the minute we hear any new information.
FHLB – is out of money until early next year.
Please give us a call today to discuss your mortgage options to purchase a home!