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

The Eager Buyer

A buyer recently came to me through one of my listings. They wanted to buy a home cash and own free and clear from any monthly mortgage obligations. Great, I thought. In this market there are so many low-priced homes, cash sales are becoming a popular trend.

Well this buyer was very unique. When I attempted to secure a meeting time with him, I offered time slots to meet and he would say, “I can’t” or “I’ll call you and let you know when.” Most of these meeting times were tentative. He mentioned that he had appointments that would come up at the last-minute and he could not secure a definite time with me. “Well what about weekends”, I asked? There has to be some time that you can allot to other parts of your life, like buying a house.

What made the situation more complicated, was when the buyer finally had time to meet, it was at that moment. He would call and say. “I’m in front of a house now and I want to see it, can you show it to me?” The first time, I was in the middle of a showing myself and couldn’t make it. I asked if we can meet later and I received the same response, “call me and I’ll see if I’m available.” So I called and he wasn’t.

The next time he called requesting an immediate showing, I took about 30 minutes to thoroughly explain the complete process and secure a committed day/time for showings. I successfully got a noon meeting where I had the opportunity to review some homes that fit his criteria. It took a while for me to reel this buyer in and just explain the entire home purchasing process, my working process and for us to develop effective communication. Needless to say we are working like a well oiled machine, and he should be closing on his first home shortly.

Lesson to Buyer: Your Real Estate Agent navigates you through all the real estate challenges, jargons, paperwork, contracts, etc. You need to work with your agent, and develop a cohesive and effective working rhythm in order to meet your real estate goals.

Lesson to Agent: In a market where there are so many variables, be willing to go that extra mile to educate your buyers and make them comfortable with not only the home buyer process but working with you as well.