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

Don't Worry, You Will Own Again.

So you gave all your might to save your home. You kept track of all the correspondences from the mortgage company and their attorneys. You completed all of the Loan Modification paperwork and emailed, faxed and even mailed a physical copy of your completed loan modification package. You waited three months for the mortgage company to finally receive your application, only to have them ask you to re-submit all of your bank statements, W2s, etc, because it’s too old to analyze.

Finally, you’re information reaches the desk of a negotiator, but it will take another couple of months for them to examine your financial information and inform you if you as to whether or not you qualified for a loan modification. A letter reaches your mail box from the mortgage company, and sadly, you were denied. Your home will be auctioned, unless you can pay everything you owe up to that point. Huh? If you couldn’t pay for one month, how do they expect you to pay all the payments that are in arrears?

Next comes the letter which states your foreclosure/auction date. You heart drops. The reality of losing your home has set it. There is absolutely nothing you can do to stop. You may even frantically, try to get an attorney involved but it’s too late, because your trusted the mortgage company you thought would come through, did not. “Why would they sell the home for so much less, when I am here, ready to keep my home” you think to yourself. “All I need is a more affordable monthly payment that would account for the recent changes in my life” (death in the family, layoff, etc.) This may be your story. Or perhaps you chose to short sale your home or agreed to sign over your deed in lieu of foreclosure.

Whatever, the situation, bottom line is you no longer own. Well I am here to tell you, there is life after losing your home. After it’s all over, you realize that life is much less stressful. No more stacks of letters from the mortgage company’s attorneys. No sleepless nights wondering where you and your family will sleep. There are plenty of rentals available in this market to choose from. You can rent for a few years and buy again. You could also choose to buy a cash home. Many folks are taking advantage of the low prices. Why not own mortgage free. Whichever route you chose, just know its going to be Okay.

Gloria Walters | Tampa REALTOR
Bridging the Gap Between Buyers and Sellers
772-359-7543 (direct)
813-200-8708 (fax)
gwalters83@gmail.com