As Lending continues to change, those of us in the Mortgage Business have to keep finding options to help put Buyer’s into homes. With Nehemiah nearing extinction (10/1/2008), I want to show you another option that still allows 100% financing on properties located in specified areas.

USDA

Guaranteed Rural Housing Loan Program

The Alternative to Nehemiah

Click Here to link to the USDA Housing Website 

• 100% Financing for Properties in Rural Areas. Rural area is not necessarily defined as a “country ” setting. It can be a home in a subdivision as long as that city if located in a rural area on the designated USDA Map.
• Mortgage Insurance. Only 2% upfront financed into the loan for an LTV of 102%. NO MONTHLY PREMIUM, meaning lower payments for the Borrower.
• Great 30 year fixed rates. 6.25% (APR 7.102%) as of 8/27/08. Be aware that rates change daily.
• Income limitations, but they are set higher than most other programs
  (see attached information). A family of 4 (2 children living at home) and paying some child care can earn up to approximately $70,000 in Stanislaus County.

Questions?

Chris Johnson
Senior Loan Officer
(209) 491-3887
E-mail Me!