I cannot tell you how many Realtors I have spoken to in the Kansas City Area that just cannot seem to get a buyer or potential buyer interesting in purchasing a home. The main reason seems to be the money down and the uncertainty of money. I spoke to one Realtor today that said she was sure that you could not get a mortgage without at least 20% down.
Nothing could be further from the truth. I have 1 conventional loan program for 100% but 2 government programs for no money down and flexible credit guidelines. My favorite is the USDA Guaranteed program. This program has ZERO money out of pocket at a great rate ~6.5% with No PMI.
Sure you have to be in an eligible area but First Time Homeowners don't really care if you are less than 10 minutes out of town.
For more information reply to this blog.
Currently Officing inside the Stockton Law Office.
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Ron, this is a great product. So few push it or know about it.
So the rural development home loan is such a load of crap. My husband and I are looking to buy a home. After three years of searching we finally found a sufficient home in our price range. We got preapproved for a great loan....a rural development loan. Well...once we got ready to make an offer we were informed that we made $3,000 too much to qualify. Denied a great loan that would have worked for us over a mere $3,000. We can't afford any other loan program as we don't have much savings for a down payment and my husband pays $600 a month in child support. So needless to say, we are still renting, and likely will be for many years to come. Apparently it does not pay to be a hard working, honest, responsible citizen in this country.
The loan does have income limits and your loan officer should have pre-approved you for the guarantee prior to you searching for a home. Where abouts do you live. Do you pay for child care? There are ways to fit within the income guidelines if the proper questions are asked.
The home loan is great, unfortunetly there are requirements that must be met in order to issue the gaurantee.
Email me directly if you have more questions.
Ron@ronyarbrough.com