In the market we are in, every good Realtor is looking for an opportunity to sell their listings quickly. Your listing qualifying for 0% down payment will help do this for you.
USDA loans are a great mortgage program that allows buyers to purchase a rural home for 0% down payment. It also offers no monthly mortgage insurance (until October 1st; then it goes to .30%). So a buyer could buy a home with 0% down payment and a lower mortgage payment then an FHA loan.
In order for someone to be approved for a USDA loan, they must make below the minimum income limit that is decided based on family size and county of the home. And your listing must fall in one of these areas. Don’t worry, “rural” does not mean what you think, aka horses and tumbleweed. In the Houston area, such cities as parts of Richmond, Rosenberg, Conroe and other outlining areas can qualify for USDA loans.
In fact, I just closed on a USDA loan and the home was in Richmond. To find out if your listing qualifies for a USDA loan check, out the USDA Eligibility website. Under "Property Eligibility" (on the left side) click on single family housing. Accept the terms, put in your property's address and wait for the results.
And trust me – comments in your listing such as “This home qualifies for a USDA Loan and 0% down payment!!”, will get your listing more attention.
David Krichmar can be reached in a number of ways: