Congress plans to extend this credit into next year and also add a new credit of $6500 for existing home owners.
If you have been a homeowner for 5 years or more, you may qualify for the $6500 on a new home purchase next year.
By far, this no down payment mortgage loan has become very popular with first time home buyers this year. Specifically, Wisconsin has many areas in which the property you are looking to purchase will be eligible for this program. Wisconsin mainly consists of rural areas.
Here is a direct link to a map that shows the areas of Wisconsin that are eligible for a rural housing loan.
http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=sfp&NavKey=property@11
The rural housing loan does apply throughout the nation, but you have to find the site that pertain to your state. Each state is going to have different areas that allow eligibility.
To learn more about the details of the Rural Housing Loan, go to no down payment mortgage loans in Wisconsin.
Since this blog has been around for almost 2 years now, many new readers may not be aware of some of the other helpful mortgage advice topics that have been shared in the past. First time home buyers seem to be the type of buyers that are actively looking to buy a home this year, so much of this advice will be for the first time home buyer. The more mortgage advice that can be absorbed the better.
Every time I take on a new first time home buyer client, I take the time to educate them with the entire mortgage process. This is a necessary, because the entire process of buying a home and financing it can be overwhelming. If there isn’t someone to walk you through the entire process, then take the time to gather up all the mortgage advice posted here.
This year is now being considered one of the best years to buy a home, because of a large tax credit for first time home buyers, interest rates at record breaking lows, and home prices have dropped over the years. These buyer benefits have helped many people decide that 2009 is a great year to buy a home.
I wanted to remind you of some of the other content on this site that could come in handy when looking to buy a home in 2009. Use this mortgage advice to your advantage and you will be sure to find a great deal when buying a home this year.
Here are 3 posts worth your time to read:
What is a FHA mortgage loan? – This has become the most popular mortgage loan today. A detailed look at what the FHA mortgage loan is.
Top 5 questions answered for first time home buyers. – Popular questions and answered that all first time home buyers should know!
Get your mortgage quote in writing. – Talks about what paperwork to look for when getting your mortgage quote in writing.