If you want to buy a home in Birmingham’s Chelsea or Calera area using USDA no-down-payment financing, you may be wise to buy sooner, rather than later.
March 27th is the deadline by which earlier reports indicated that USDA would be dropping those areas from its list of eligibility.
But Gloria Jackson, a Lender with First Federal Mortgage in Birmingham who has spoken with USDA, says exactly what will happen by the end of the month remains unclear:
You can reach Gloria by calling 205-965-2167. Click here for her website and e-mail link…
If you’ve been thinking of buying a home in the Birmingham/Shelby Co. area using the popular USDA loan program which allows you to buy with no down payment, you may be fast running out of luck.
USDA says the program is projected to run out of money by the end of April, and no new funding is currently anticipated.
In Shelby County, USDA loans have been responsible for many people buying homes in areas like Calera and Montevallo, as well as across many other parts of Alabama.
Because USDA loans are so attractive to many buyers—mortgage insurance isn’t required, either—they have often meant the difference between whether a Buyer is able to purchase property.
Carmell Cantrell is a Loan Officer with First Federal Mortgage in Birmingham, and has been following what may be the demise of the program she and other Lenders have worked with extensively over the years.
USDA loans could be revived if Congress acts, but whether that will happen remains unknown. If the program does, in fact, end, it will stand as a major point in real estate sales history, signaling the end of the so-called easy credit era.
Click the player below to listen to our interview with Carmell now…
…or click here if you’d like to download and listen on your personal listening device.
So … what to do if you’ve been thinking of buying a home using USDA loan program?
Experts have two words to suggest: Start saving.
So, you have to knock the price way, way down to get your home sold? Not always. While price is certainly important when it comes to getting your home sold, it’s not the only way to achieve a successful sale.
Ever heard of a buy-down? Lots of people have, but not everyone understands it. It’s not as complicated as you might think.
A buy-down could be the ticket to getting a home sold in a deal that’s better for the seller and the buyer.
K. C. Haririan, a Loan Officer with First Federal Mortgage in Birmingham, is here to explain how buy-downs work.
So, how is the Shelby Co. and Birmingham home market looking as we forge ahead into 2009? We’ll share our thoughts and observations–and we’ll see if Fisbo, our very spoiled five pound poodle, barks during our recording session.
Click the player just below to listen:
Care to download the program so you can listen to it later?
We hope you enjoy the netcast!
David, Colleen and Fisbo