Here's the Real Estate Report brought to you by me:
Home sales down about 25% compared to this time last year thanks to expiration of tax credit + 14 months of inventory of existing homes on the market + more foreclosures in shadow inventory = decline of housing prices by about 9%.
Good news: Mortgage rates are approx. 4.5% + seller paid closing costs averaging $4500 on most transactions + credit standards loosening up.
RD to the rescue….
For credit impaired buyers, don't give up….now is the time to apply for financing because mortgage lenders are BEGGING for business.
The USDA Rural Development program was designed decades ago for farmers looking to buy land yet lacked the money for a down payment.
In Maine, ANYONE can apply for a Rural Development loan and buy a home for NO DOWN PAYMENT and NO Mortgage Insurance in any town except major metro areas like Portland, South Portland, Biddeford, etc…
This is a great way to open the door to home ownership if down payment funds are not available.
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