The maps were supposed to change at the beginning of the year, but have now been left in place until October 15th 2014.
USDA mortgages allow income qualified borrowers purchase homes that are considered “rural” with 100% Financing. They allow up to 6% of the closing costs to be paid by the seller (other wise known as seller concessions) and offer interest rates that are similar to FHA and VA and tend to be about .5% lower than conventional rates. Additionally, the mortgage insurance is about 1/3 that of FHA and about half that of conventional loans.
In our area of Upstate NY it means that most of Malta, Ballston Spa, Saratoga County, Saratoga Springs East of the Northway, Voorheesville, Sand Lake and many other areas remain Eligible under this program.
This presents a wonderful opportunity for new buyers to own a home and, hopefully gets them off the fence!
At Victory Funding, A NYS Licensed Mortgage Broker NMLS #49846, we are USDA specialists. Give us call to get into your new home for very little money! Living Well Realty, our sister company, will work hand in hand with you throughout the whole process. If you are already working with a Realtor, Great! Victory Funding partners with top producing Realtors looking for experts to help their clients!
Get off the couch and buy your dream home now while interest rates are low, housing inventory is plentiful and USDA eligible areas are vast!
