Is there a gap to make affordable housing that's reasonable priced for locals and within a budget similar to renting?
From my experience of doing pre approvals at Fairfax Mortgage as Mortgage Broker over the last 11 years I said "YES".
Affordable housing in Sussex County Delaware is tough; anybody that has looked at homes in the price range of $140-$199k typical finds dated designs, places far inland and most needing capital to modernize. Locals and new locals can see that there are tons of inventory of new construction homes and communities priced high 230's and up.
At my office we are seeking homeowners that want to own new construction, stick built homes; typically three bedroom two bath with garage similar to the picture above. Most of these homes are located in Dagsboro where the property location qualifies 100% financing by USDA.
My office Fairfax Mortgage is seeking out homeowners who are interested in affordable homes in the price point of $199k to $229k. Some basic information to help you determine if you should fill out the form below; stable jobs for last two years with verifiable income and living history of last two years.
We at Fairfax Mortgage ask if the builder is willing to pay for the closing costs, so the cash to close at settlement can be $1k to 2k, in some cases less that rent and a security deposit, payments typically for these homes are projected about $1100 -$1200.
USDA requires a borrower have a credit score of 620 or better to qualify and one's annual household income should in the range of $50k to $79k .
If you know someone that is seeking an affordable home, share my blog; ask them to fill out the questionnaire below. We work on finding solutions; we might be able to help whether it's today or for buyers who are planning a purchase within the next 18 months.
No comments:
Post a Comment