Orlando Real Estate

100% Financing Brought to You by The USDA?

November 24th, 2008 8:12 AM by David W. Welch

If you are looking for a home near the Orlando area, but don't have to be in town, the USDA may have just the loan for you. Through the Rural Housing Service, moderate income families can qualify for 100% financing with no PMI. This is not a typo, this is a real possibility for people looking for a home in a more rural area. Just to give you an example, I met with a family yesterday that is looking in the Davenport area about 30 minute south of downtown Orlando. I had Chip Gregory at Trinity Mortgage check the address and it falls in the rural area. The home is three years old, over 2,800 sq ft with a beautiful pool, brand new carpet and freshly painted inside for under $175,000. This is another example of the foreclosure market that we have in the Orlando area. Many of the foreclosed homes I see here were purchased to flip, and appear barely lived in.

If we can get a contract on this with the bank, my customers will be able to get into this home with very little out of pocket. They will also have a monthly payment that is more affordable because there is no PMI. That is especially important  since many of these homes have very high property taxes. I am going to get more information on these loans through the USDA to create a resource page on my web site like the page I have for First Time Home Buyers looking for down payment assistance.

David Welch, Orlando Real Estate Blog

Posted in:General
Posted by David W. Welch on November 24th, 2008 8:12 AM

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