Is 102% financing for home mortgages still possible? YES! That means you can still buy a house with no money down. Surprisingly, it’s the USDA that is making this possible. That’s right, the United States Department of Agriculture. More surprisingly, your house doesn’t need to be a farm, have livestock, crops or even be within sight of a tractor.
Last week’s WSJ ran an article describing the new found popularity of the Rural Development Guaranteed Loan Program. There are a couple of notable things to qualify. Firstly, the property must be in an area of low population density. In Lane County, everything but the greater Eugene and Springfield area meets this qualification.
Secondly, there are income limitations, which are based on the number of people in your household and where you live. In general, your adjusted gross income can be about 50K to 60K in Lane County, depending on household size. The specifics of the program are best determined with a loan officer.
One of my friends specializes in writing these loans. His name is Cody Gielish at Countrywide. He can be reached at 681-4353.