100% Financing on Rural Area Properties
Did you know that if the property you are looking to purchase falls in a designated rural area in Florida, you may qualify for 100% financing? You may even qualify to finance closing costs too! Talk about $0 down! As opposed to FHA loans which still require a minimum 3% down payments, this government insured program provides the ONLY true 100% financing. This is one of the best kept secrets in this industry. And the program applies to everyone, not just first time home buyers!
Following are just some of the highlights of the program:
- 30 Year Fixed Rate only.
- Full documentation – means we have to be able to verify income.
- Primary residencies only.
- Single Family Homes, Warrantable Condos, Townhouses, Modular Homes.
- 100% financing based on appraised value – if your purchase price is below appraised value you have room to finance closing costs.
- No monthly Private Mortgage Insurance(PMI). Just 2% upfront PMI which can be financed.
- Max $417K loan in Florida
- 600 Min Credit Score. For important information regarding your credit score check out the What is a credit score page and also our blog.
- Up to 6% maximum seller contribution.
- No reserves required – means you don’t have to show you have money in the bank.
- There are some maximum income limits – this varies depending on the number of dependents.
- No declining market values – as opposed to conventional loans, which if the house falls in a so called declining market area, you have to come up with at least 5% more down payment, that does not apply here.
Remember, the property has to be in a designated rural area and there are some income restrictions too. To check eligibility requirements call or email us for a FREE consultation and we can help you determine if you and the property qualify. The key here is to purchase the property below appraised value so we have room to finance the closing costs. But then again, a seller contribution of up to 6% of purchase price is allowed.
Call or email us for a FREE consultation and one of our agents will be happy to assist you.