Remember the days when you could borrow over 100% of a home’s purchase price? 

Those days are a faint memory for most of us in the real estate industry. Insiders and real estate veterans refer to them as the good old days when anyone who could sign their name could buy a home.  Alas. A few greedy people made some bad (cough. should I say, fraudulent) loans and spoiled 100% financing for the rest of us.

Good News. There are still low and no-down federally sponsored mortgage programs available for home buyers with steady jobs but little to no savings. 

1. The U.S. Department of Agriculture’s Rural Development Program will lend up to 102 percent of a home’s value in a community with a population is less than 10,000.  In Southeast Texas, here’s a few of the communities that qualify: Winnie, Vidor, Mauriceville, Fannett, Silsbee and there are others.  Just about every community other than Beaumont qualifies. Want more information contract the Local Field Offices For Jefferson County to get details.
2. Streamlined 203(K) Limited Repair Program is another unique loan program.  This one allows you to buy a home that needs repair and finance up to an additional $35,000 into your mortgage to improve or upgrade your home before you move-in.  That’s pretty awesome.  Want to get more details on the Streamlined 203(K) Click Here For Approved Consultants Near Us.

These loans aren’t for everyone.  Qualification standards can be restrictive.  But just in-case you thought 100% loans were a thing of past, now you know they are not gone entirely.  You just have to know where to look to uncover these little-known loan programs that can be used to buy a home in Southeast Texas.