Is 100 percent financing still available? | Let’s Get Real Estate | October

Dear Jan:

We have no down payment to buy a home. Are there any 100 percent financing loans out there anymore? GF

Dear GF:

Most buyers in the lower-end market are now applying for Federal Housing Administration loans. These loans require a 3.5 percent down payment from the borrower.

However, because Kitsap County is considered a “rural area,” there are loans being granted by the United States Department of Agriculture called Rural Development Loans. These loans have a zero down payment. They do have a 2 percent fee which can be financed into the loan, so this becomes 100 percent financing.

But this does not address the buyer’s closing costs. The buyer needs to have funds of approximately 3 percent to cover their closing costs or ask the seller to pay their closing costs.

So essentially, the buyer can get into a home for zero down and zero dollars in closing costs. Because of the work load, these loans are taking a good two months to close.

Your real estate agent can give you the name of a good loan officer who handles RD loans.

Hope this helps you buy a home. Don’t forget the $8,000 tax credit expires in December. You would need to be under contract before the end of September to collect on that incentive. Happy house hunting.

Jan Zufelt is an associate broker with John L. Scott Real Estate. She can be reached at janzufelt@telebyte.com.

More in Business

a
Scarecrows will be out on Bay Street this Halloween

Visitors can vote for their favorite at a downtown business

City extends CARES business rental relief funding

Almost $100,000 delivered already to more than 20 local businesses

Port Orchard Cares: Grant program ready for small businesses hit by COVID-19

Twelve grants of up to $5,000 have been made available by city

Taste of PO photo contest over Labor Day weekend

Winners will receive gift certificates

Bremerton’s Art Anderson to support WSF hybrid design

Company to provide design components for up to five Olympic Class WSF ferries.

Search downtown this weekend — for painted rocks

POBSA merchants will hold drawing for those who post selfies with their rock

Restauranteurs struggling to survive in a COVID-19 world

The thin margins of small-business restaurants, crippled customer access, putting them on the brink

Port Orchard Chamber establishes COVID-19 resource page on its website

Links listed for national, state and county websites of benefit to business people

South Kitsap Properties opens new office in Port Orchard

Real estate office is on Bethel Avenue

IRS tax filing season starts Jan. 27

The deadline to file 2019 tax returns is Wednesday, April 15

Wave Broadband to increase costs of some TV services

Rate increases to take effect Feb. 1

Village Greens Golf Course wins Community edg3 Award

Bothell shoe company wins grand-prize award from Kitsap Bank