Anyone Can Be a Homeowner
My client is a hard-working husband and wife with two elementary school aged children. They had been renting a small townhome from a family member for years as they tried to save a down payment and eventually purchase a home. They were diligent about setting aside money but life kept getting in the way. Dental bills. Vet bills. The car broke down.
When I met them, they had less than $5,000.00 in savings and little hope of finding the home they’d been working so hard to save for. What they didn’t know was there are programs available for people like them. Through the help of a lender I work closely with, my clients were able to get approval for a USDA mortgage loan. This allowed them to purchase with no money down and also ensured an affordable monthly mortgage payment. On top of that, I was able to help negotiate a contract in which the sellers paid the closing costs, so my clients brought no cash to settlement. It gets better! They were also able to benefit from our exclusive Real Estate Advantage Program (REAP), which pays cash back after closing!
The end result was that my clients, who thought they could not afford to buy, were able to become homeowners without bringing a single dollar to closing!!! Their monthly mortgage is less than the rent they were paying, and they received a $500.00 check in the process!!!
USDA loans are mortgages offered through a licensed lender that are guaranteed by the US Department of Agriculture. Amazingly, these loans do not only apply to rural properties. There are areas all over Carroll County and even in Baltimore County that are eligible. For the life of me, I can’t figure out why more Realtors don’t recommend them to clients. There are many more programs available to help first time home buyers. If you want to be a homeowner but think you don’t have the cash on hand to purchase, call me. I can Help you!
Thomas (Tom) Osborne