One of the major reasons real estate markets all across the country have been struggling to recover is due to many buyer’s difficulties in obtaining a mortgage. Since getting into real estate, I have spent a lot of time learning the financing industry. Recently I came across a new program that can benefit many buyers in our more rural region. Unfortunately, most lenders will not discuss this program as they do not make money. However, if you do qualify for this program it may be very wise to get involved.

The USDA loan program options really can help make houses more affordable to first time buyers in more rural areas. Unfortunately, most people in the metro Seattle, Everett, Tacoma areas will not be able to qualify for these programs because of their reach…however, as you get to the more rural areas this is worth looking into. Some of the areas that I typically work in like Duvall, Snohomish, and Monroe all can work under this program. One nice benefit is that you have to pay no money down…just the appraised value of your home.

Also, credit requirements are much less and income requirements are more flexible. Ultimately, as long as you aren’t trying to buy too expensive of a property or making too much money this may be worth looking into. Don’t just trust a lender to give you every option. Read through the site and see what you can learn.

In today’s market we have to be creative to get many buyer’s loans…maybe this is just one more area we should focus on a little more.

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This entry was posted on Tuesday, April 29th, 2008 at 3:32 pm and is filed under Mortgages/Loans. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.