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Buying a Home Is Easier Than You May Think


Buying a Home Is Easier Than You May Think

One of the comments I hear from prospective home buyers is they cannot finance a home right now.  Let’s be honest, there are many hoops to jump through when buying a house, especially when it comes to obtaining a mortgage.  But it is easier than you may think.

If you are even remotely interested in buying a home now or in the foreseeable future, I suggest that you meet with a REALTOR® to discuss the steps you may need to take to make it happen.

Obtaining a mortgage is a big step in buying a home, but there are programs out there that will work for you.  The U.S. Department of Agriculture Rural Development Home Loan Program may be just what you are looking for.

The U.S.D.A. program allows for 100% financing and has flexible credit and qualifying guidelines.  The minimum credit score at the time of this writing is 620.  If your credit score is currently below that number I would encourage you to talk to a REALTOR® who can get you in touch with a mortgage officer who can provide guidance on the specific steps to take to increase your score.

In addition to 100% financing the program allows for closing costs to come from other sources than your bank account.  Sources could include seller contribution and/or gift funds.

There are fees associated with the loan program but those fees can be rolled into the mortgage.

There are some restrictions, such as location of the home and income limits.  These limits can be provided by your REALTOR® or mortgage officer very easily.  For example: In Frederick County, Maryland for 2017, the income limit for a family of up to four is $108,550; five or more family members is $143,300.

If you are thinking of buying or selling, talk to a real estate professional – talk to a REALTOR® – who can give you the information you need to make an informed decision.

As always, if I can help with any of your real estate needs, please feel free to text or call me at 301-712-8808 or email me at RolandLow1@gmail.com.

Roland