As apartment rates climb, the biggest thing that keeps many renters renting is not being able to save for a down payment. Doesn’t it seem that every time you think you can start to get ahead and save some money each month, the rent goes up and the money is gone before it’s saved. Saving money for a down payment is hard. Many of us don’t have a parent or rich uncle that can just give us that kind of money. So many people think they are stuck and have to rent. The dream of home ownership is just not in the cards unless an inheritance or HUGE bonus comes along. Right?
WRONG! For those with good credit that are willing to live outside the big city there is an alternate. It’s the USDA loan. The United States Department of Agriculture, has a home ownership program for Rural Development that can guarantee loans up to 102% of the appraised value of the home. There are income limits depending on your family size, and they take credit scores and your debt to income ratios into consideration but for those renters with good credit it’s a great program. The USDA maps that determine what communities can offer USDA loans have been redrawn and many growing areas are not included on the new maps. However, in case you hadn”t noticed, this is an election year and the USDA and Congress has postponed implementation of the new maps. This allows you to purchase a new home with no down payment in places like Kissimmee, Dundee, Winter Haven, Deland, Eustis, Leesburg, Eagle Lake, Mascotte, Groveland, and Spring Hill. Many of these areas may go away after September of 2013 so if you are renting, but want to own your own home, go visit your nearest Maronda Community that can offer USDA loans and find out how you can get on the road to home ownership. Ask your local Maronda Homes Sales Specialist where you buy a home with a USDA loan.