As I have said a few times I am a Real Estate Agent in Georgia, Atlanta Area. As the Mortgage crunch has hit across the country most people have felt that they have been left out of the ability to barrow money for a home for their families. Well a lot of programs have been closed but there have been programs out there for very long time that are still out there.
VA, Department of Veterans Affairs, is still a $0 Down loan for a home. If you have been in the service and discharged, you are eligible for a VA loan. The Loan is backed by our Government and will a low a Vet to buy a home. There are some conditions on the loan. It is best to contact a mortgage broker or the VA to find out what you limits are and conditions are required. A Vet can only have one VA loan at a time so if you have an outstanding loan that has to be cleared up first.
To check out your Benefits of being a Veteran you can go to <a href = "http://www.va.gov/"> Veterans Affairs.</a>
To check out home loans from this link you can go to<a href ="http://www.homeloans.va.gov/"> VA home loans page/</a>
FHA, The Federal Housing Administration, has been and is still around for people. The maximum Value for a FHA loan here in the Atlanta Area has been moved up to almost $400,000, maximum is different in different markets around the country. Yes you have to have good credit and a down payment of 3%, but the money is out there. There are even ways to get buyers assistance for down payments from the sellers.
Check out <a href = "http://www.fha.gov/ " FHA Loans Information. </a> for more information.
USDA Rural Development Loan - 102% of Appraised Property Value 
The USDA Rural Development loan allows buyers to purchase or build a home in a rural area with essentially no money down, and it is one of the few affordable loan options available today. We can help borrowers with median credit scores as low as 580, that have current payment history, no recent foreclosures or bankruptcies on their credit history, and no outstanding Federal debt. The applicable interest rates are very affordable, and the loan process is typically the same as with any FHA loan.
- USDA Rural Development Loan
- Borrower's can get up to 102% of the appraised property value.
- The onetime 2% Guarantee Fee can be included in the financing
- No Mortgage Insurance is required, because it is a government guaranteed loan
- This loan be used for a existing home or new construction home
- No loan size limits, but there are maximum income limits for the borrower that are based on the number of residents and the county where the property is located.
- No limits on Seller Provided Gift
- Property improvements and renovations can be included in the loan, and the additional costs can be escrowed. Additional improvements are limited to the final appraised value of the property.
- Loan is not limited to first time buyers. First time buyers must attend an approved certified class to qualify.
Strategic Home Capital's Special Remodeler Loan - Get up to $35,000 for Remodeling Expenses
The Remodeler Loan enables borrower's to get up To $35,000 dollars at closing escrowed for Improvements. This is the prefect loan for anyone looking to purchase a Foreclosure, Pre-Foreclosure, or other property that needs work to make the property habitable.
Remodeler Streamlined Loan for Purchases:
A maximum of $35,000 can be placed into escrow for the completion of the following improvements:
- Repair / Replacement of roofs, gutters, and downspouts
- Repair / Replacement / Upgrade of existing HVAC systems
- Repair / Replacement / Upgrade of plumbing and electrical systems
- Repair / Replacement of flooring
- Minor remodeling such as: Kitchens, which do not involve structural repairs
- Painting: Interior and Exterior
- Weatherization: including storm windows and doors, insulation, and etc
This loan maybe used for purchase or refinance of one-to-four (single family) residences including HUD real estate owned properties. Repairs can be completed after closing. Cash-out refinance loans are not allowed. This loan can be used to update homes, correct health and safety issues. The property value must be sufficient to purchase / refinance AND complete the rehabilitation. All homes must be at least one (1) year old, except for homes located in presidentially declared disaster areas for 1 year after the disaster. All homes must be owner occupies primary residences, and investors are NOT allowed.
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Comments: 27
But good to know.
This very helpful stuff.
Just wish I had had your advise many years back...now I would settle for a tent on my own land rather than have to pay someone else money for a mobliehome that I can never move from where it is located because it is too old to be moved. It was the best I could do on the short notice I received from the people I was renting from at the time.
Did you get my email with the numbers in it?
:O)
This spring, my son got a wonderful bargain, paying about half the value of the house he bought.
I know you can't answer specific questions but I thought this might be general enough. If they would let you borrow to build I was hoping that they would allow you to borrow to rehabilitate.
Thanks for this great article.
This is great information and hopeful for potential homebuyers.