Bertha and Nimer Sarmiento sign the contract to purchase their first home on Thursday at Signature Homes of Central Florida in Auburndale.With all the bad news nationwide about the housing market, it might come as a surprise to some people that homes are still being sold to first-time home buyers.
On Thursday, seven families signed paperwork to buy a new home for the first time. The buyers included a single mother of one child and a married couple with one child.
They were able to buy a home through a program administered by the U.S. Department of Agriculture. The USDA's Direct Loan Program provides individuals or families with direct financial assistance at an affordable interest rate.
The program, through the USDA's Housing and Community Facilities Programs, makes home loans available to those people who cannot qualify for a conventional loan. An interested home buyer fills out a pre-application and then is given information about the next step. The home buyer doesn't have to worry about a down payment, closing costs or private mortgage insurance (PMI). PMI is not required because the program is government funded and guaranteed. read more
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