Palm Beach Real Estate and Loans

This morning's post has been provided by Jason Price with Knightlines Mortgage Services.

Before the questions start... Jason did write this about Lake County, FL - but the good news is that this type of loan is available in a lot of areas in Florida, including western parts of Palm Beach County.

"That's right!  100% Financing still exists in Lake County, Florida.  Despite all the obituaries about these mortgage programs, there is still one program that remains alive and well.  This is all thanks to Lake County being USDA Grade A land... and I mean that literally.

The USDA 100% mortgage loans offer many benefits to potential home owners.  The biggest being no down payment.  Also, at the top of the list is the fact that there is no extra costs in your monthly payment in terms of mortgage insurance.  Eh, what the heck?  Here is a list of all the benefits a USDA loan has to offer:

1. No Down Payment.
2. If the appraised value comes in higher than the contract sales price, you can wrap closing costs into your loan.
3. No PMI (AKA Mortgage Insurance).
4. No Reserves.  This means you do not need to have lots of money in savings, as some banks require.
5. No Minimum FICO Score.  You must at least look creditworthy.
6. Available For First Time Buyers and Non-First Time Buyers.
7. Substitute Schooling/Education for Job History.
8. Unrestricted Gifts.  Gift money is not sourced or seasoned when used for closing costs."

You can read the rest of Jason's post HERE.

For answers to all of your Palm Beach Gardens mortgage questions - or anywhere in Florida - just call me at 561-282-7406.