"USDA" is more than grading meat and providing nutritional information. The United States Department of Agriculture through Section 502 Direct Loan Program is providing assistance to people impacted by the recession. The Federal government has put aside almost $1 billion dollars for this program. That is billion with a B! The USDA will be assisting low and very low income applicants who cannot qualify for other credit.

Currently the biggest issue we are facing in the Real Estate market is getting loans closed. Previously our issue was with pricing; buyers were offering too little and sellers were demanding too much. Over the last three months or so there has been an upward spike in activity. Clearly buyers and sellers are more able to agree upon the value of a given property. Now the focus is getting the mortgage company to provide the money for the buyer to purchase the home. As Real Estate activity dropped, companies scaled back their staff and were letting people go. Now that there are more loan requests, my experience has been that mortgage companies are backed up and under staffed; making it more difficult for them to produce on time.

Fortunately, in a time where the money supply has tightened, I was introduced to a program that can help people. This is especially beneficial to first time home buyers who can also take advantage of the up to $8,000 tax credit. Scott Scarpelli from FIF Corp (201) 841-5897 introduced me to this great program. Here are some highlights as he explained them to me.

100% Financing/No Down Payment to Qualified Borrowers

If appraised value is higher than purchase price; you can use difference for closing costs and pre-paid expenses

No monthly mortgage insurance

Seller can pay up to 6% toward closing costs and pre-paid expenses 

No cash reserve requirements

No credit score required with alternative credit

Must purchase in an eligible rural area*

Single family and condominiums only

*Eligible areas in New Jersey include all or portions of Passaic, Morris and Sussex Counties as well as 14 other counties in New Jersey.

Interested in finally getting some "stimulus" from the Government?

Scott Scarpelli at FIF Corp. will walk you through the process. Scott Scarpelli Mortgage Consultant at FIF Corp. Cell 201-841-5897   

Now is the time to get moving. Great financing is available and home prices have come down considerably. Don't be the person that looks back years from now saying, "I should have bought in 2009".

Get Educated.  Get Empowered.

For more information on this or any other topic, call Sal Poliandro, Broker Associate, Realtor, Marketing Advisor,

Short Sale Specialist

ePRO, SRES at 201-259-2187, visit our websites: http://www.salanddawn.com/ or  www.shortsaleguy.org

Follow me on Twitter: @salanddawn

Sal can be reached by snail mail at RE/MAX Properties 73 East Allendale Road Saddle River, NJ 07458