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A couple placed their house on the market in 2012 for $199,000. In 2018, the house sold for $195,000. Annual taxes listed were $5,068 total. Do the math.
If the market is telling you something, listen. Paying close to $30,000 in taxes because you don't want to lose $10,000 in selling price isn't smart thinking.
The U.S. Department of Agriculture (USDA) Rural Development has money available for low interest homeownership loans. Section 502 Direct and Guaranteed loans provide low to moderate income individuals and families the opportunity to acquire, build, rehabilitate, or improve single family dwellings in rural areas.
Section 502 Direct Loans may be made for the purchase of an existing home or to build a new house. Funds may also be extended to repair or renovate a house being purchased through its program. The standard term for a Section 502 loan is 33 years, but 38- year loans may be considered for those who cannot afford a 33- year loan. Applicants may be eligible for payment assistance to reduce monthly payments.
To qualify for USDA Rural Development's Direct Loan Program, applicants must have a household income of less than 80 percent of the county median, have an acceptable credit history and have sufficient income to make the mortgage payment. The home purchased must be modest, in good repair, (or able to be repaired with loan funds) and located in an eligible rural area. Interested persons can distinguish if their area is considered rural by visiting http://eligibility.sc.egov.
Section 502 Guaranteed Loans are available to moderate income families and individuals. Applicants apply to approved lenders and USDA Rural Development issues loan note guarantees to participating lenders. These loans are made for 30 years at a fixed interest rate. The lender may loan up to 101% of the appraised value, and closing costs and repairs can often be included in the loan. A down payment and private mortgage insurance is not required, but a 1.00% one-time guarantee fee is required at closing plus .35% annual fee.
USDA is reviewing eligibility of certain counties in New York to identify areas that no longer qualify as rural for housing programs. Read the following notice to see if your county is under review.
Chestertown will hold its town wide garage sale on September 30, 2017 from 9am to 3pm. For more information, contact Debra Eves or Lynn Engelmann at the North Warren Chamber of Commerce at 518-474-2722.
Warrensburg's town wide garage sale will be on September 30, 2017.