USDA (United States Department of Agriculture) housing programs have helped thousands of families over the years purchase homes with no money down. The program was instituted about 40 years ago to promote homeownership in rural areas. For years, Lake county was considered rural and this has been no doubt a popular financing option. You could not get this loan in Orlando!
Now that Lake County is the seventh fastest growing county in the state according to our Lake County Economic Development Department, we may be at risk for losing this loan for our area. USDA is conducting a review of all areas under its jurisdiction to identify areas that no longer qualify as rural for housing programs. The last rural area reviews were performed in 2012-2013 using the 2010 census data.
Here are the areas currently under review: Lady Lake, Eustis, Tavares, Mount Dora, Clermont, Four Corners.
If you have been considering buying a house with no money down, don’t delay! Reach out to The Catherine Hanson Real Estate team or contact me, Mary Rhodes, from The Mortgage Firm for more information.