USDA Choice
Where’s the beef? How about a nice, juicy 100% loan with a check for $8000. My friend and owner of Benchmark Mortgage in Bradenton, Will Farrell, told me that he has been closing quite a few USDA loans, and the borrowers are getting in with no money down and cash back at closing.
The United States Department of Agriculture Rural Development division offers attractive loans in order to increase the development of rural areas. In order to qualify, you must meet income guidelines and the property must be in a designated USDA rural area. If you were not planning on buying a farm, you should look at the property eligibility page of the USDA website. I was surprised to see that everything east of I-75 was considered rural, this includes Lakewood Ranch and other areas that are just not rural.
In order to get the $8000 check, you must be a first time homebuyer. To be considered a first timer you must not have had ownership interest in a property within the last 3 years. The 8k is not free, it is a loan that must be repaid and will be deducted from your income tax refund.
If you are considering buying a home, make sure you consider future depreciation and buy well below market value. Also, explore all of your options including USDA loans, the property you want may be considered rural and you may get paid to buy it.
Manatee and Sarasota County Property Management
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