USDA Still Offers No-Down Payment Mortgages

 

Thanks to funding from federal programs to boost the housing market, the U.S. Department of Agriculture (USDA) still has $11.2 billion in its coffers earmarked for mortgage loans. The USDA’s Rural Development Service’s Section 502 loan is one of the few mortgage programs that requires no down payment.

In earlier years, the program ran out of money by late summer, leaving homebuyers in limbo as they waited for the new budget year to begin. In Florida, most low-income and middle-income buyers qualify if they live in rural areas, smaller towns or some outlying suburbs to larger cities.

The program will change slightly after Oct. 1, when buyers will be required to pay a 0.3 percent premium for mortgage insurance monthly; however, the cost of upfront mortgage insurance will be reduced to 2 percent from its current 3.5 percent.

 

Click here to see which areas of town are USDA eligible.

 

Gloria Walters | REALTOR
Bridging the Gap Between Buyers and Sellers

772-359-7543 (direct)
813-200-8708 (fax)
gwalters83@gmail.com

The Hacienda Restaurant, Bartow, Florida

I recently made a business trip to Bartow. When lunch time came around, I wanted to dine at a new place. I was uninterested in the fast food chains along Broadway Avenue and I have been to Curly Tails to many times before. So I took a short drive down Main Street. I had a coupon for Main Street Wraps, but learned they had gone out of business. Already convinced that I wanted a wrap for lunch, I had to make the disappointing shift to something else. I stumbled upon the Hacienda Restaurant, a quaint Mexican restaurant with a lot of charm. The hostess was very welcoming and answered all of my questions. I ordered the Chicken Quesadilla Ansada, served with rice and black beans. I was surprised the quesadilla was covered in a creamy white sauce. I thought this was truly a different experience. I expected the traditional dry quesadilla pressed to perfection. As different as it was, it tasted even better. I enjoyed my time dining at the Hacienda Restaurant, I look forward to my next trip to try another of their great meals.

I truly love experiencing new places, food and people.

Gloria Walters | REALTOR
Bridging the Gap Between Buyers and Sellers

772-359-7543 (direct)
813-200-8708 (fax)
gwalters83@gmail.com

"I Am Vacation!" But We Have A Closing in Two Days!

Say What!!! You’re on Vacation.

I was working a HUD Cash Deal and finally got the call that the title search was clear and everything was in order for a closing. I received this information on a Wednesday. To receive the early closing bonus that was being offered, the property had to be closed by that following Monday. So I scheduled a walk thru with my buyer for his first availability which was Friday. I  contacted the selling agent, advised him of my plans and obtained the lockbox code.
Friday afternoon came and my buyer and I arrived at the home, only to find a second layer of locks on the home with no keys. I called the agent hoping to get some answers and obtain access to conduct my final walk thru. No answer. I called and texted him. I then called the management company, who had a notice on the front window. They were unaware of the locks and could not assist. I then called the title company. Last resort. I was hoping they would be able to assist, since they were designated to handle the closings for HUD properties. I figured, maybe, this was a routine process and they could assist. They couldn’t help either. I called the agent several times before I final relinquished my efforts.
What made me extra nervous was that I would be travelling internationally the very next day (Saturday). I was not going to be present for the closing, but I had already educated my client to the point where I felt comfortable.  Since this was a cash deal, it was going to be pretty straight forward. However, I didn’t want my client to “sign his life away’' to a home he didn’t see prior to closing.
I continued to call the listing agent, well into Friday evening. I know it was annoying, but if I could coordinate a walk-thru with my assistant and my client, then I could travel in peace. Well Saturday was here. Around 10am, while sitting at Miami International Airport waiting for my connecting flight, I received a text from the selling agent stating that he was “On Vacation in St. Augustine”. And that was it. No apologies. No answer to my question about the locks. I responded stating, “I am going on vacation as well, but this needs to get done. Do you know anything about the extra locks?” I never received a response. I thought to myself, “this agent has a closing on Monday and seems very disinterested in whether or not it occurs.” Wow. I hope I never get to that point.
I finally figured a creative way for my client to obtain access and view the home without the listing agent’s assistance. I also provided my client with my international number so he can text me at anytime, should there be a question. (He had Metro PCS, free international texts - perfecto!)  I was also available by email if needed. Yes, I was on vacation, but was I. Not with a closing a couple days away. After a successful closing, I was finally able to enjoy, my vacation.

Yes, I work on Vacations Too!