As you well know, there have been many changes in the mortgage industry over the last years. Most of these changes have been very positive and the long-term effects on the real estate and lending markets will be great.
With all the changes, the options available for borrowers with little or no down payment have become more limited. The good news is....there are still programs available for these borrowers. OakStar Bank can finance 100% of the sale price on the following programs:
MHDC Bond Program - the Missouri Housing and Development Commission issues a bond that is available to qualified homebuyers with below median income. The bond issue is a 3% grant payable to a borrower for use as down payment and/or closing costs. Qualified buyers must be below median income and must be purchasing a home in Missouri.
Rural Development (USDA) loans - OakStar Bank is a national Rural Development lender. We are able to provide Rural Development financing on properties across the nation. Rural Development loans require no down payment and no mortgage insurance. Qualified buyers must be below median income and must purchase a home in a qualified rural area. (Contact me for defined areas.)
Veteran's Adminstration (VA) loans - VA loans are limited to individuals who have served our country in the armed forces. VA loans are 100% loans with no mortgage insurance. These loans are guaranteed by the Veteran's Administration (VA). If you or your clients have questions on eligibility for this loan type, please contact me.
The changes we are all facing are going to be positive in the long-term future! I'm excited about our industry and am looking forward to working with you.
Lisa Schupbach
OakStar Bank
(417) 447-7912
Comments(4)