Well, actually 102% financing is available through a home-loan program offered by the U.S. Department of Agriculture (USDA). An excellent article in the Personal Journal section of today's Wall Street Journal describes the program in detail.
USDA financing is not just for buying farm property. In Southeastern North Carolina, homes throughout the coastal counties may be purchased with USDA financing of 102% of the appraised value! In the Wilmington area, all of Brunswick and Pender counties as well as parts of New Hanover county qualify.
In the Wilmington area, homebuyers with household incomes of less than approximately $70,000/year (effective January 1, 2009) may qualify for the USDA program. Note that the gross incomes of all household members 18 and older are included in the income limit. Depending on household's other major debt obligations, an annual income of $70,000 may permit the purchase of a $225,000+ home. In Southeastern NC there is a large selection of new and pre-owned homes available to USDA-qualified buyers.
If a program sounds to good to be true, it usually is. However, the USDA offers a great program. To see if you qualify, click here.
If you have excellent credit, and will be purchasing a $300,000-$2,500,000 home in the Wilmington, North Carolina area in the next 90 days and would like an agent who will work exclusively for you on your side of the transaction, call us at (877) 505-4321 or contact us via the link on this page.
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