The home owners tax credit that was extended into 2010 will be ending soon so if you are considering purchasing a home, keep this in mind. A valid purchase contract needs to be signed by April 30, 2010 to qualify for the credit. Most Waconia buyers will need to finance their home, so I've provided brief financial information to help get you started.
FHA Loans are subject to loan limits that are frequently updated. MortgageLoanPlace.com is a great resource for current information on FHA loans. The current FHA limit for Carver county for a single family home is $365,000. To view other counties please visit MortgageLoanPlace.com.
The United States government offers a number of benefits to its Armed Forces members and veterans for their service. One important example is the VA Home Loan Guaranty Program, which helps veterans and active-duty personnel to purchase and retain homes. Because the Veterans Administration guarantees the loans, Active Duty, Reserve and Guard personnel can receive low-interest rate mortgages, often with little or no down payment required. By visiting the Department of Veterans Affairs website home loan section, you can obtain all of the necessary information to see if you qualify for a VA loan.
The Rural Development Loan Program is a good alternative for those needing to finance all of the loan. The major benefits are:
- 100% financing
- Zero down payment and there is no minimum contribution required.
- No limit on seller concessions or gift
- No mortgage insurance required
- 30 year fixed rate only
- Low interest rates, this is not a sub-prime mortgage
- Flexible Credit Guidelines