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Old 03-09-2010, 09:31 AM
 
Location: Central FL
1,382 posts, read 3,162,421 times
Reputation: 1180

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I'm at the end of my rope.

We really need to sell our home in the next 2 months. We have a buyer who loves our place and wrote up an offer last night. Then they called their mortgage company and were told that the USDA loan is not allowed in our area.

So now their offer is on hold and I haven't even seen it yet. (they wrote it up last night at our kitchen table after seeing the house for the second time) They will have trouble finding the 3% down payment.

What other options do we have to save this deal? Our list price is $169,000, so we are only talking $5,000 or so for a down payment.

If it were legal, I would give them the $5k just to get out of here!!!!!! (for reasons I won't go into now)
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Old 03-09-2010, 09:46 AM
 
Location: Plano, Texas
1,676 posts, read 6,339,120 times
Reputation: 684
The only other option for 100% financing is a VA loan but they must be veterans of the armed forces to qualify.

FHA loans which require 3.5% down payment will allow those funds to be a gift from a friend or relative. The person giving the gift must sign a gift letter stating they do not expect the funds to be repaid, and they have to document where those funds come from. You CANNOT be the one giving the gift. Have them ask relatives for some help.
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Old 03-09-2010, 12:56 PM
 
42 posts, read 191,308 times
Reputation: 24
How frustrating for you! I'm very surprised that the potential buyers or even their agent didn't know USDA loans aren't allowed in your area, since its very easy to determine what is and is not eligible by typing in an address on the USDA website. Sounds like they didn't bother to do some simple homework.
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Old 07-31-2012, 01:26 AM
 
Location: Advance, MO
5 posts, read 8,940 times
Reputation: 11
You can owner finance with a contract and require no down payment.
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Old 07-31-2012, 06:23 AM
 
Location: MID ATLANTIC
7,604 posts, read 17,658,297 times
Reputation: 8099
Depending on their income level, they can get a $5000 gramt through their community bank (80% or less of the median income). I'ts a 5 to 1 match, the buyers would have to have just under $2000 of their own money. You could cover the balance of closing costs.
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