Category Archives: Loans

Freddie Mac Program offers $1,500 cash for condo buyers

Freddie Mac want’s to give back. Well its about time that Freddie Mac announced

Freddie Mac Cash

new incentives for buyers that want condos. Port Charlotte Realtor Jessica Coleman with Allison James Estates and Homes know that Freddie Mac, the government-backed lending giant had to move condo inventory fast. She says that the condo market is flooded with foreclosure inventory.

There are stipulations:

1. The condo has to have been on the market for at least 120 days.
2. Buyers have to make the offer between now and November 15th.
3. You have to close by the end of the year.
4. The cash offer is only good for buyers actually looking for a new place to call home.

Another incentive offered on some of the condos is a two-year home warranty that covers electrical, plumbing, air conditioning, heating.

That program, Home Protect also provides discounts of up to 30 percent on the purchase of appliances.
I guess every little bit help in this economy. I feel this Freddie Mac Program that offers $1,500 cash for condo buyers will help many condo buyers achieve home ownership.

USDA RURAL DEVELOPMENT MORTGAGE INFORMATION

What are USDA Loans?



Well here’s little information on  Rural Housing Service (RHS) of the United States Department of Agriculture (USDA) sponsors home loans referred to as Section 502 loans. Under Section 502, direct loans (i.e. from money appropriated by Congress) may be available to some low-income applicants. In addition, those with total household income less that 115% of the median household income in a qualified rural area may obtain government guaranteed mortgages from qualified lenders.


USDA RURAL DEVELOPMENT MORTGAGE INFORMATION

  • Expanded qualifying ratios Buyers with satisfactory credit may qualify with higher Debt-to-Income ratios to accommodate high cost housing areas, etc
  • Seller is allowed to pay Buyer’s Closing Cost (ask USDA Specialist for details)Reduces out of pocket costs for Buyers
  • Low minimum credit score (640 minimum credit score required) Buyers with non-traditional or no credit histories may qualify
  • No monthly PMI No monthly mortgage insurance means a lower monthly payment for the Buyers and additional cash each month

Find more USDA RURAL DEVELOPMENT MORTGAGE INFORMATION HERE.