The President has decided that the State-Assisted closing costs/downpayment assitance will come to an end as of Sept 30th this year! The USDA Program will be folded into the FHA Loan Program. Not to be confused with the USDA Rural Development Section 502 Program; better known as the "502 Direct Loans"; which are USDA Guaranteed Loans. Currently, there has been no news given about this program coming to an end, but the funding comes only once a year and when it is used up; a homebuyer must wait until the following year's funding.
Rental properties are at a premium due largely to the many foreclosures and short sale homeowners who must turn to rental properties to move their families. For every one property that I have taken clients out to see, there have been already 3 applicantions presented to the owner! Owners wait to review all applications to obtain the prospective renter with the best credit score - YES! credit scores are just as important when trying to rent a property as when you are buying! Rental costs are also rising as it is an in-demand commodity!
So the real question remains, when it is necessary to have a good or great credit rating and there are programs that will assist with downpayments or closing costs; why waste that rental downpayment when you have the buying power to buy your own home!? There are many affordable properties for sale that require little or no repairs to move into immediately!
With the USDA downpayment program coming to an end, and the limited funds available for this year with the USDA Rural Development Section 502 Program; NOW is the time to get off the fence and connect with a Realtor who will work with you to help you realize your dream of home ownership! You Have The Buying Power NOW!
Helping You To Realize Your Dream!