As a mortgage professional since the 1990's, I have seen hundreds of mortgage programs come and go. It's my job as a service provider, to make sure that my partners have all the tools they need to sell more homes. There's one around that is routinely overlooked. USDA, Formerly known as Farmers Home mortgages.
I've met with top producers as well as brand new agents, and few if any understand the power of the program. In short, in this area, if you earn less than $91,000 as a household, and the property you intend to buy is on the USDA map, you may be eligible.
There is no downpayment required, no PMI, the rates are exceptionally good, and they give you credit for having children towards your max income. Furthermore, you can even finance costs above the purchase price under some circumstances.
Realtors generally think the property needs to be just west of nowhere, but that's not true. I can help identify a property address as eligible as soon as a listing is taken, so agents can advertise with "no downpayment required, low rates AND no PMI"
If anyone wants more information about ask your lending partner. If they don't have experience, call me and I'll educate you about the program.
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