Special offer

Meat and Loans . . .Who Knew?

By
Industry Observer

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

Richard Dolbeare
Inactive - Wailuku, HI
Living the Hawaii Lifestyle

So do you prefer bacon or sausage with your mortgage?

Aug 29, 2009 05:53 PM
Deborah Ryman
Santa Cruz, CA
M.A. Feng Shui Services, Santa Cruz County

I'll take a side of bacon :). It does seem kinda funny. I have had people ask me if they had to get a cow or at least some chickens to qualify . . .

Aug 29, 2009 06:05 PM
Donne Knudsen
Los Angeles & Ventura Counties in CA - Simi Valley, CA
CalState Realty Services

Deborah - the USDA loan program is a very good program but it is only eligible for certain areas though.  It's good to hear that you have some eligible areas around you. 

Sep 14, 2009 04:47 PM
Deborah Ryman
Santa Cruz, CA
M.A. Feng Shui Services, Santa Cruz County

Hi Donne: Yes, it is great! I had no idea that it even existed and have not ever had a mortgage broker suggest it as an option.

Sep 15, 2009 04:29 AM