United States Department of Agriculture Loans/Rural Development Guaranteed Housing Loan Program - sometimes called a “Section 502” loan
Whether buying a new construction, condo, town home, manufactured, short sale and foreclosed homes, securing a USDA Loan can save you thousands of dollars and get you into your home a lot sooner than you may have thought.
What is the USDA Loan Program?
A USDA Loan is specifically designed for home buyers looking to purchase eligible homes in rural and suburban locations. The beauty of this particular mortgage is that it offers 100% financing with no down payment. Whether you're a first-time home buyer and or have previously purchased a home, you could be eligible to take advantage of a USDA Loan.
Home Buyer Eligibility?
you must be a US Citizen or permanent resident
Lower to moderate income families and those with blemished credit may qualify
So under the USDA there is no need for a down payment but what about your closing costs? Well, there are ways around receiving assistance with your closing costs!
there maybe the option of taking a bigger loan amount to pay for your closing costs if the appraised value of the home is higher than the purchase price. As a guide, if the sale price is $200,000 and the appraised value is $205,000 - $5,000 is the extra loan amount available to pay for your closing costs.
some sellers offer to contribute towards the buyer's closing costs
the lender may offer you the option of a slightly higher interest rate which would give you access to additional funds. For instance, lets say the interest rate is 4% with no credit - but if the interest rate rises slightly to 4.25% there would be an amount of $3k to pay your closing costs
financial assistance from members of your family - Gift Funds - can be used to put towards your closing costs or pay all of your closing costs.
Not all homes for sale can be purchased with a USDA Loan. For assistance with finding eligible homes and a Lender, please contact me:
Sue Rowe, Licensed Realtor®, NHCB C: 954-790-7706 E: firstname.lastname@example.org
My name is Lance Whipple and I help first-time homebuyers, international investors, “active adults” and snowbirds buy and sell homes in Champions Gate, Davenport, Clermont, and Kissimmee Florida. It’s the lifestyle, weather, safety and security of the Disney area that attracted my family here after I retired from the United States Air Force as a Lieutenant Colonel. In 2011 I entered the real estate business in the Four Corners market at its economic bottom and since then I have increased my knowledge and skill by annually improving production and earning certifications and designations such as the Certified International Property Specialist (CIPS), At Home With Diversity (AHWD), Military Relocation Professional (MRP), New Home Co -Broker (NHCB) and Real Estate Digital Marketer (REDM). Over 60% of my transactions now come from referrals and I believe that speaks well for my approach and service. I truly see helping buyers and sellers with difficult decisions and likely the largest financial transaction of their lives as a worthy service. Helping my customers buy a home is a natural extension of my military service--directly related to protecting and assuring the American Dream. Read more here.
Lance Whipple - Realtor®
EXIT Realty Champions
Local Specialty: Four Corners (Davenport, Clermont & Kissimmee)
*Florida License #SL3248262 as Lance Whipple PA
In a normal housing market, whether you’re buying or selling a home,
"Lance is a phenomenal Realtor. We had the pleasure of working with him to purchase our first home. Lance was very understanding with our circumstances and availability to view homes due to my husband's work hours. once we found the perfect home, he walked us through the remaining steps to make it ours! I would HIGHLY recommend Lance as a Realtor to my family and friends, because of him we are now able to make our new house a home! :-) "