One of the biggest things stopping people from participating in the American Dream today is the ability to come up with the down payment. While talk of a credit crunch keeps some buyers sidelined because of credit problems, many others with good credit are able to get the best deals in years including programs with no down payment!
The program leading the way in no down payment requirements (for non veterans) is the USDA Rural Development loan. This loan is available right now for Redmond and who better to show you homes in this community than Cat Zwicker-Grant with Desert Sky Real Estate in Redmond.
To qualify for the program (it is income limited), a family of four cannot have a total household income of more than $70,750 per year. That is a pretty liberal guideline.
If you are interested in property in this area and would like to see if the address falls within the USDA "footprint" click here.
So - THE TIME IS RIGHT! We have many properties on the market, we have MONEY TO LEND, and the Federal Government is giving First Time Homebuyers a $7500 tax credit if they purchase prior to next summer!
For more information on USDA loans, and to see if your household income qualifies for this NO PMI loan, please click here. If you want to get the mortgage qualification process started, either call me at 541-342-7576 or fill out an application on line here.
nothing in NJ for us? I know each individual county has programs but every month another depletes their funds.
Nancy - There appears to be quite a bit of NJ that qualifies for the program. Try this link.
Still a great program for the right customer. Although I have to admit it probably is not working toward its intended purpose and I suppose that was to encourage rural living so people could pursue aricultural interest and enterprise. The farmer is a dying occupation. I think it would be better to continue creating encentives for urban farmers and community gardening projects.
BO
Interestingly Bo, you can't use the program to buy a farm. So it really isn't a farm type loan. I think it is more for re-vitalizing small towns. But, who knows?
Hey, Fred, I heard that US Bank is doing the American Dream, requiring a $500 down payment from the borrower and allowing seller contribution. Do you know about this program? How are they doing this in light of the recent legislation?
No, Elizabeth, I hadn't heard that. I will have to check with our rep and see what he has to say about it. They are still offering wholesale 2nds and line of credit loans and almost everyone else is out of that business. No more 125% ones though. Gee, I wonder why? LOL
Well let me know what you find out, Fred.
According to my rep, nothing there. Oh well, sounded good though.
Fred,
I wish you lived in Houston, you'd be my go to guy. I really do appreciate your updates and reminders, especially the tax credit reminder! Good work sir.
Greg - Thanks for the confidence. Heck, I may load up my pickup and head on out. LOL
Hey Fred, this article was so good you had to post it twice. LOL, just kidding. I have to be truthful and say the USDA might be a good loan at 100%, but it is not always the easiest to get.
Actually Danny, I posted a similiar one about several different cities that qualified. As far as easy, isn't that what got us here? Easy loans? LOL. Not easy, but definitely a viable product.