Is 100% financing really gone! Yes and No!
Yes. The bad news is that many of the great 100% financing and down-payment assistance programs were snatched from our grips a couple of years ago.
However, the good news is that there is a loan program now that still provides a homeowner with a way to buy a home with no downpayment! This loan is called a USDA loan. It is specific to the more rural locations of Jacksonville and its surrounding areas, such as Clay County and parts of St. Johns County. A few important points to know about this loan are:
1. There are income limits.
2. The home must be the buyer's primary residence.
3. The loan is available for anyone who qualifies, not just first-time buyers.
4. There are specific areas of eligibility in which these loans can be used. ie. Rural areas in Clay and St. John's Counties.
5. Up to 102% of the loan can be financed. (meaning, downpayment and/or closing costs can be included)
Visit the following website for all USDA loan information.
http://www.rurdev.usda.gov/RHS/
Contact us with any questions regarding USDA loans! You could be a homeowner!
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