Sonoma County First Time Home Buyers are now getting to enjoy it easy street. For years, first time home buyers were capped at putting down hefty down payments. Since the markets have changed, first time home buyers in Sonoma County can now purchase a house with 0% down. Move up buyers can also purchase a house with 0% down. Earlier I wrote about USDA loans and how they work.

USDA financing is the golden goose!

The benefits of this program are tremendous..especially stacked up against an FHA loan or a conventional loan putting down 5%.

First Time Home Buyers enjoy no mortgage insurance and no down payment with USDA Loans!

This translates to BIG savings over the life of the loan. 30 year fixed rate USDA loan are 4%. By the way, did I mention this contains no points? Yes that is correct this loan will yield a 4% mortgage rate today with no points of any kind.

Don’t have a big down payment? That’s okay USDA will lead the way!

Don’t have money for closing costs? That’s okay too. USDA Loans offer 100% financing for Sonoma County First Time Home Buyers with seller concessions for closing costs!

Had a previous bankruptcy? You guessed it still green. You can get a USDA loan to purchase a home as long as there is a two-year time frame between the bankruptcy charge-off and the time you get into contract.

Had a previous foreclosure or short sale? Even that is okay with USDA. There must be a three-year time frame from the time the short sale or foreclosure reports on your credit report to the time you get into contract on a property.

You also have to have a lease to 620 credit score. Got credit issues? Check out this article on getting a bad credit mortgage.

If you are a Sonoma County first time home buyer and are thinking about getting a mortgage loan and are tight on cash, can afford your house payment, but otherwise are cash strapped, consider a USDA Loan. It is the only mortgage out there that is 100% financing that contains no mortgage insurance for non veterans.

USDA Loans are for purchase transactions and they offer 30 year fixed-rate loans. The benefit of the 30 year fixed-rate mortgage is that your principal and interest remain constant for 360 months and you never wake up one day worrying about an interest rate adjustment. It is truly a fixed rate loan.

First Time Home Buyers wake up to O% down on a new USDA loan!

If you are renting a house right now you really owe it yourself to see if you qualify for a USDA mortgage. If you’re paying $1500 in rent you could be paying the same on a $215,000 house with no money down.

USDA loans are available in certain parts of Sonoma County. The 502 Guaranteed Rural Loan is the USDA loan. This is the product that you want to be looking at if you are going to start getting preapproved to purchase a house. These mortgage loans typically take the full 30 days to close escrow.

Here’s what to do:

First, meet with the lender to determine your eligibility based upon your annual gross income, and any dependents you might have followed by the areas you will be looking at.

Second, get set up with a sharp realtor who can guide you through the plethora of available homes on the market place today.

Some of the available areas of Sonoma County for the 100% financing USDA loan for first time home buyers include Windsor, Healdsburg, Sebastopol and even Sonoma. Visit the original USDA loan post here.

So what are you waiting for? Mortgage rates are at their all-time lows and with rates at 4% on 30 year fixed-rate mortgage money, you are in essence being paid to upgrade into homeownership. Uncle Sam is also going to be there giving you a mortgage interest deduction as well as letting you deduct your property taxes. Get a free no obligation mortgage rate quote today.

I’d love an opportunity to show you as a first time home buyer how to purchase a house with 0% down. First time home buyers get 0% down payment in Sonoma County!