I am hearing from so many people lately that they feel like homeownership is actually within their reach. Just recently, some friends of mine in the Bay Area bought a home and are absolutely thrilled with it. In their own words:
We love the house. We are never moving. If something needs to change, we'll just work with it.
These were sworn tenants by the way, buying their first home in their fifties. Sigh! I love hearing such stories!
But what I hear most from first time buyers is that they don't have enough for a down payment. Although with an FHA loan, the down payment is small (3.5%) there is a program called the USDA Rural Access which requires no down payment and no mortgage insurance! It is not for refinances, as I just found out, but for purchases only in the technically "rural" areas of Cameron Park, El Dorado, Shingle Springs and so on along Highway 50.
So if you're considering buying anywhere along Highway 50, give me a call and we'll see if the home qualifies! I should check with Huck, our lender, but so far I don't believe this program is for first time buyers only.
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