I haven't written a blog in months. I've been partially distracted, partially re-prioritizing my career agenda and partially plain ole' busy!
My client load has been very buyer heavy this year as I wallow through the loan options process with several of them. I've found more people qualifying for the Direct Rural Development loan program offered here in NH through Brian Ritchie. They offer new construction loans, simple rehab loans and loans for new mobile homes on their own land. The direct RD loan is subsidized, offering the buyer 1% interest rate!
When a buyer comes to me and says they only qualified for $120K through FHA, they seem to be an ideal candidate for this Direct RD loan. Oftentimes they end up qualifying up to $150K+/-! It's completely impressive.
The phones have been ringing here quite a bit now as I recieved inquiries from 2 sellers today and one new buyer (again, another direct RD prospect)! With the tax incentive nearly gone, or at least unavailable to new buyers, I'm hearing folks say "it just wasn't the right time for us" and so they passed it up. Like a frog on a log, the fly flew by and then it went. No biggee.
I'm looking forward to another great summer in real estate. I've met some wonderful buyers this past year and I wish them all the best in their new homes!