When Congress passed legislation earlier this year eliminating seller funded down payment assistance programs, the availibility of 100% financing programs was reduced to only those qualified for a mortgage through the Veterans Administration, and one other little known mortgage program, offered through the United States Department of Agriculture.
The USDA program offers 100% financing with no mortgage insurance. It does have limits, with the two main restrictions being geographic and a cap on household income. However, there is good news about the income limits.
Effective January 20th, 2009, households with less than 4 people will have an income limit of $70,750, and households between 5-8 people will have an income limit of $93,400. These expanded limits will open up the USDA Program to a much wider group of potential home buyers.
Use the link below to check state and county maps for geographic and property eligibility.
http://eligibility.sc.egov.usda.gov
To learn more about this program call me directly at 407-644-0870.
Mike Smalley, CMPS
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