Boston Real Estate for Sale

You can still find a loan if you’re looking to buy a home.


Just because low- and no-down-payment conventional loans are hard to come by doesn’t mean home buyers with little cash can’t get a deal.

Two lesser-known federally-sponsored mortgage programs are still available for home buyers with steady jobs, but no savings.

The U.S. Department of Agriculture’s Rural Development program will lend up to 102 percent — maybe more — on a property in a community with a population that is less than 10,000 and non-metro communities with populations between 10,000 and 25,000. Eligible areas are surprisingly close to urban centers. For instance, parts of Washington, D.C.’s bedroom counties qualify. There are also income and debt limitations, but the caps are fairly generous. Selected banks nationwide handle the loans.

The second attractive mortgage plan is the Streamline K, a faster version of the Federal Home Administration’s home-rehabilitation loan, the 203(k). The Streamline K allows borrowers to get an extra $35,000 to improve the property they are buying, including replacing or repairing the roof, gutters and downspouts, HVAC, plumbing and electrical systems, flooring, siding, well and septic. Buyers or sellers also can use the money to paint inside and out, buy new appliances, and add or redo windows, doors, waterproofing and weatherproofing.

Source: Little-Known Loans for Buyers – By Lew Sichelman, United Features Syndicate

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