I had a floor call recently from a buyer in the Salinas, CA area. While our office may have listings in Salinas and some agents might do business in Monterey County, I prefer to specialize in Santa Cruz County. So I found an agent to refer the caller to, as well as a mortgage professional. In speaking with the mortgage professional to screen him for the caller, I told him the buyer is a first time buyer. I asked him if he was aware of programs for first time buyers (because one of the things I love to do is hook people up with resources and Santa Cruz County has a wonderful First Time Buyer program).
The mortgage guy was telling me about a particular program and I was taking notes, but I thought I was not hearing the name of the program correctly. I asked him to spell it out. He said:
U-S-D-A
I said, "you mean the government meat department?" It turns out that the federal government has a 100% financing program for first time buyers in particular rural areas. So they do meat and loans. I couldn't believe it.
Not all mortgage brokers seem to know about this program or if they know about it, many of them don't promote it. I like to make sure people investigate every possible option to get them to the goal of home ownership.
In this market (or any market, for that matter!) an 100% financing option is nothing to sneeze at.
This link doesn't tell you much, but it does prove that the program exists. USDA
Call me for a referral to a mortgage professional who is familiar with this program.
831-247-2753
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