Green Acres We Are There
Some of you may remember the tv show Green Acres. Essentially a wealthy couple moves out of a big city penthouse filled with every luxury imaginable into a rural farm setting. Well, the US Department of Agriculture wants to get more people to follow suit… putting a new meaning on Green Acres… think cash…
Brian Volz, Vice President of Western Ohio Mortgage Corp, sent me the following link to the US Dept of Agriculture website. Brian’s company is involved in the piloting of a new progam to make mortgage loans more affordable for those willing to move away from “Times Square” to the “fresh air”. Ok, I will stop with the references to the tv show now.
This loan program sounds great because the buyer can borrow up to 102% of the appraised value of the home with no money down and no private mortgage insurance (PMI) required. The added 2% over and above the appraised value must be used for program approved improvements that need to be made to the property… so this is not for someone that wants to buy some other toys (ATVs, waverunners, another car) or pay off credit cards in the purchase of the home. I’m sure Brian has other programs that allow you to consolidate debt.
A lot of people are concerned about the ability to get a home loan following the subprime mortgage collapse, which has led to higher credit standards and tighter underwriting by lenders. But qualifying for the loan program isn’t impossible either. Even if you are just coming out of bankruptcy or foreclosure in the past two years, you can still qualify with a credit score above 620. Each borrower’s situation is different and reviewed independently in considering the acceptablity of the loan application so you should always consider other options that may also meet your needs.
For more information please call or email Brian direct:
Brian Volz
Vice President
Western Ohio Mortgage Corp.
20 Overbrook Dr., Suite A
Monroe, Ohio 45050
Phone (513) 360-0069
Once you have checked the eligibility of the property and spoken with Brian about your personal financial situation and loan details, feel free to contact me to see any property for sale in southwest Ohio. I am a member of both the Cincinnati Area Multiple Listing Service (MLS) as well as the Dayton MLS.
As always, I welcome your comments and feedback…