Lately I've been speaking to a few real estate buyers that have the willingnesss to buy but do not have the down payment. Today, it is impossible to buy a house without 3% down. While lenders are quick to follow this up with "it can be a gift," most people that would like to buy a house don't have relatives who can gift them approximately $9,000.
Here's the good news: I recently heard about the USDA Rural Access Program. This is a new 100% financing program you can use to finance the purchase of a house in rural areas. Most areas in El Dorado and east of El Dorado may qualify.
If you are considering buying a home and don't have money down, you might want to consider El Dorado county. Call me for details!
Wednesday, August 6, 2008
Hope for Zero Down Home Buyers
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1 comments:
There may be more hope yet. In addition to the USDA program being available, there is a second bill wending it's way through Congress, that would again allow seller funded down payment assistance (read Nehemiah) to continue for borrowers with better credit, generally defined as 680 FICO or better. Apparently it has the support of FHA. More news when it develops.
Huck Ferrill
First Security Financial Group
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