With all of the loan programs out there, there's one in particular which doesn't get the attention we feel it deserves, USDA loans. Although VA loans are well known to offer 100% financing, a lot of people do not realize that USDA loans offer this same great benefit to home buyers.
Although a government loan, these loans have very clean and simple lending guidelines such as a Conventional loan would. The interest rates are excellent and processing time is super-fast, a normal 30 day contract is completely sufficient.
USDA loans are available to those buying homes in less congested areas. Each County has a USDA eligible area, for us it's North Brevard..., such as Cocoa, Pt. St John and Titusville. Homes deemed to be in a USDA eligible area can be financed using this program and the buyer has the benefit of not having to come up with a down payment.
If you have a buyer looking to purchase in North Brevard, they want a no down payment loan, and you're not sure if the home might be eligible for USDA here is a quick link you can use. By going to that URL and entering the property address, the results will let you know immediately if the home is eligible.
As a listing agent, you can use this link as well to determine if your listing is eligible for this program. If it is, you could mention it in your MLS detail as another financing option. We know that having multiple financing options benefits both home buyers and sellers. We wanted to share this great information with you so you can pass it along to your clients!
Is there a topic, program or guideline you'd like to know more about? We strive to make these monthly emails as informative as possible, so if there's anything you'd like to know more about please just let us know! Simply email us your question and we'll put the information together for you and include it in a future newsletter!
As always, feel free to contact us at any time for personalized loan scenarios for you and your clients! Please Call (321) 757-5009.