USDA Rural Home Loan Programs

One of the really fun aspects of real estate is working with first time home buyers.
It's very rewarding being a part of such a major investment, handing the keys to the front door over and watching my clients walk into "their" home.
In Mammoth Lakes, and most resort markets, single family residences and condominiums can be very expensive.
Just the 20% down payment can be equal to someone's yearly salary.
However, now that prices are have come down and will, in all likelihood, continue to lower over this year and next, prospective buyers have a marvelous opportunity to purchase a primary residence.
In addition to keeping track of the softening real estate prices, buyers should be aware of the USDA Loan Program.
In 2009 the USDA instituted changes to help prospective borrowers obtain a mortgage through the USDA rural mortgage programs.
Now, more than ever before, more rural families and individuals may be eligible for home ownership with the help of a USDA guaranteed home loan.
Since the federal government is agreeing to guarantee the loan, lenders can help prospective buyers while incurring less risk.
There are eligibility standards that determine if a buyer qualifies or not. Some of those standards include what county and zip code you live in, your current income, credit history, dependents and more.
The guidelines are very specific so it's important to work with a company or mortgage broker who has experience in dealing with USDA government financing to help determine your eligibility.
To start, Google USDA loan programs and begin to do your research.
Once you've done some initial research, contact a local lender/ mortgage broker to work with.
Here are two to contact in Mammoth Lakes:
1. Gary Shultz of Sierra Mortgage. 760-934-9342
2. Margot Zen of Diversified Mortgage. 760-924-7552