No Better Time for Locals to Buy a Home

Posted by Jim Kimmons, Broker/Owner • July 30, 2009 • Printer-friendly

: Image via Wikipedia

Think you can't afford a home, or you don't have a down payment, so can't buy one? If your credit is good and you aren't overloaded with debt, there is a program you might qualify for. It's the USDA Rural Home Guarantee program.

I just represented a buyer in a closing on this loan program, and she didn't put a penny into the deal. That's right, no down payment. We negotiated with the seller to provide 3% toward closing, and the remainder was financed.

There are upper income limits for this program, so lower income buyers can benefit, while those making over $50k generally can't qualify. But, with home prices down in Taos right now, and interest rates low as well, this could be your opportunity to own a home with no money out of pocket.