My Mortgage Blog

No Money Down Financing
November 22nd, 2008 11:06 AM
 
Jason Kaplan
Jason Kaplan
Mortgage Lending Associates
116 S. Tennessee Ave
Lakeland Fl 33801
(863) 409-8909
 

*True 100% Loan

*Credit down to 580

*Repairs may be financed

*No purchase price limits      

*All closing costs may be financed

*No purchase price limits

*Not just for first time homebuyers

 
 
 
 
 
 
 
 
 
 
USDA Eligibility Map click here
 
 
 
 
Polk County Tops Florida in USDA Loans

  
    USDA Rural Housing Loans - "The Most Under-Used Mortgage Program in America"  Do not be mistaken by the name "Rural Housing". Often people think this program is for consumers to buy a home, farm or small acreage in a rural setting. This is part of the reason that this mortgage program had been under-used. The program provides financing for those purchasing a home in an area that is rural in nature. Generally, this means communities of fewer than 10,000 persons except that certain communities between 10,000 and 25,000 population are considered rural based on their distance from urban areas. This is why much of Polk County is eligible for these loans and why more homes in Polk County close with these loans.
 
The other reason I believe the program is under used is because it does not  get much press. Major television, newspaper, radio and Internet news is emanated from large cities where this program is not used. Thirdly, many mortgage professionals are simply not aware or do not truly understand the program. And the last reason why the program is under utilized is it is often confused with the USDA 502 program which is directly funded by the government for low to very low income households.   
 
Why is this important?  
 
 1. The USDA Rural Housing loan is one of two true 100% financing programs remaining in the mortgage marketplace.  The other program being VA financing.  
 
2. Homeowners can't sell their homes. So we need first time home buyers.

3. This loan allows for the lender to pay for the buyers closing costs !! Many of the transactions today are short sales and bank owned properties. Often with these transactions the seller (the existing lien holder;bank) will not pay for the buyers closing costs. 
 
4. You need to know which of your listings are eligible for no money down so you can market them properly. 

To Determine if property is in an eligible area: 
 
 
 or Call Me, your Polk County Rural Home Loan Specialist.  
 
 (863) 409-8909 
 --------- POLK   COUNTY  I N C O M E   L I M I T S --------
 
 1 PERSON        2 PERSON       3 PERSON        4 PERSON   
 
  $49,550         $56,600           $63,700         $70,750         

    
Posted by Jason Kaplan on November 22nd, 2008 11:06 AMPost a Comment (0)
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