There are many people still looking for 100% financing in FL. It is still available! Will everyone qualify? No. But many people will. When I first heard of the program I thought it would be great for about 2 out of every 20. I was very wrong and actually impressed with how many people fit into this criteria. Unfortunately, the company I work for isn't set up to do FHA loans so I was eager to find a comparable program to help my clients instead of referring them out. This program is USDA Rural Development. The two biggest factors are where the property is located and the borrowers have income limits. Unlike the name, the properties that are eligible are not necessarily rural. As for the income limits, they are fairly close to the guidelines for Home Possible or My Community. Here are some of the highlights.
No downpayment: True 100% product even in declining market
No monthly mortgage insurance: Clients can afford more!
No cash reserves required.
No minimum credit score. Lenders do have ability to cap scores though
Adverse credit on exception based only with circumstance explained
Expanded qualifying ratios: 29/41%.
Exceptions may be made to accommodate qualifying clients.
No asset limits: Clients may keep liquid cash savings and other investments.
NOT just for first time buyers: Anyone may apply.
No purchase price limits: Clients may purchase home that meets their needs.
Loans up to 102% of the appraised value not contract price.
Repairs may be financed up to 100% of the appraised or "as improved" value.
Up to 6% Seller Concessions to pay for closing costs and/or rate reduction.
Competitive 30 year fixed interest rates, capped at .60 basis points over the FNMA 90 day delivery rate.
No Rural Development prior approval of appraisers or builders.
Prompt review of Complete Loan Packages:24 - 48 hour turnaround time.
In this market we can all use an extra tool in our toolbox! Give me a call or shoot me an email if you need more information or have questions.
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