Just when you thought you couldn't buy a home if you have No Downpayment, you may be able to. Some previously unpopular government programs are on the front burner, and easier than ever. One Mortgage Program that is available in most areas of Maine and New Hampshire is the USDA Rural Development Program. Under this federally guaranteed program, the qualifying and approval process is much simpler now, and so is the appraisal. Here are some benefits of the program:
What's the catch? There are Moderate Income limits for this program, but you can deduct childcare expenses from your gross income to qualify. Also, there are parts of some towns where the population is too dense and the property won't qualify. See an example below. I can help. Just call Kristeen at First Portland Mortgage Corp at 1-800-370-5222 or e-mail Kristeen Smith at kristeen@firstportland.com to see if income and property qualifies.
Example: A two person family can purchase a single family home in Raymond, Maine with this program as long as their annual income doesn't exceed $56,600.00 per year.
Example: A couple with one child can purchase a single family home in Windham, Maine as long as their annual income doesn't exceed $63,700.00 (plus daycare expense) per year.
Example: A couple with one child can purchase a single family home in Berwick, Maine as long as their annual income doesn't exceed $75,950.00 (plus daycare expense) per year.
Mortgage Lending in the State of Maine for 20 years has given me the experience to close your deal. Call or e-mail me to get prequalified for an FHA, VA or Rural Development or Conventional mortgage.
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Seems like there would be a catch to me.
I have 2 clients in a no downpayment program. I think they are very attractive.
I believe there is a 2% fee that can be paid by Buyer or seller. They can only own one home at the time of closing. The property has to be in an area classified by USDA. It's a sweet program. The options for no down are shrinking with HUD republishing the No DPA providers.
Yes, the 2% fee can be paid or financed. This program can't be used for someone who is trying to buy a new home before they've sold their own. Most parts of Maine and New Hampshire are qualified areas for this program. Now with FHA changing their up front fees and monthly fees (depending on credit scores), this program might be the cheaper option for some.
Thanks for you for taking the time to comment on this subject in the Active Rain network. AR is the new "cyber backbone" of the industry, and with it's uplink to Localism.com it is transforming the real estate marketplace. Agents who don't see which way the cyberwind is blowing are going to find themselves at a considerable disadvantage inside of three to five years.