I have been working with some fantastic home loan programs over the years. Up until recently I worked almost exclusively with a home loan program called ACORN Housing loan. The loan program has changed quite considerably from when I first offered it. It no longer offers 100% financing without Mortgage Insurance, at least in Washington State.
The program I absolutely love now is the USDA Rural Development loan program. USDA offers the Guaranteed Rural Housing Loan Program with 100% financing. I'll give you a few of the highlighted:
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NO down payment
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NO Mortgage Insurance
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NO cash reserve
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NO buyer minimum cash contribution
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NO minimum credit score needed
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NO imposed fee structure on lenders
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NO federal recapture or prepayment penalty
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High ratios allowed
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Borrower can finance all closing costs and repairs if any
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Loans are purchased and sold in secondary markets
There is more but this gives you a good picture of a few of its greatest highlights.
USDA also offers a 2/1 Buydown program that allows the borrower to qualify on the first years payment. This allows a family with a growing income the ability to buy a home today that they may not have been able to qualify for until next year. Then as their income goes up the payments are easier to manage. It gets them into that home now while the market is hot for buyers.
Do you want to learn more about this program? Click here and I'll answer any of your questions. Or you can call me directly at (206) 686-3191.
David Oziel
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Hey David - Welcome to Active Rain and congrats on your first post. Be sure to spend some time looking around at what and how others are blogging here. It is a great education and lot s of fun. Looks like you're off to a great start...keep it up!