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I think it's important to start with a little value in the home with a reasonable down payment, but yes, in a lot of markets having to put 20% down would prevent a lot of otherwise good potential buyers from being able to buy.
Yes, sort of. Our in-house mortgage guy says no problem with USDA 502 Guaranteed. I have three on the table right now in various stages. USDA also says no problem with the 502 Direct but it takes a minimum of 30 days to get approved and at least two months to close the deal. Got info just this week direct from the USDA local branch office.
You'll still need hand money down and some agents need special handling as they aren't that familiar with how it works. Some won't even take a client with approval for a 502 Direct in hand.
Why would anyone want to buy a home with zero down? It clearly shows you can't afford it if you can't pay 20% down. You'll be better off renting than zero down.
Are you going to be at the convention in San Antonio (IBC) it would be great to put a face with the internet name?
It ain't much, but it's all his Momma gave him.
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