FHA and Investor Specialist

When I first heard of the USDA Guaranteed Rural Housing Program back in 1999, I disregarded  it.   I did not take the time to understand what areas qualified for Rural Housing and there were plenty of 100% financing programs available at the time.  Now with the declining markets issues, new PMI changes and Fannie/Freddie issues, FHA and VA are the 2 main go to high LTV programs.  With the exception of the Guaranteed Rural Housing loan programs, which offer 100% financing with no monthly PMI to borrowers who fall within the USDA's moderate income requirement Check Moderate Income Limits as well as with their Rural Development Eligibility area Check area

Highlights of the program:

                -All closing costs may be paid by seller concessions

                -Primary Single Family Residence only

                -No minimum credit scores, although 12 month credit is closely scrutinized(similar to FHA)

                -Ch. 7, Ch. 13 and foreclosures must be completed/discharged at least 3 years.

                -No monthly MI, although a 1 time guarantee fee of 2% is financed.

                -No first-time buyer requirement and no downpayment requirement.

When I first looked at the program, I was surprised at some of the areas in my native New Jersey qualified for the Rural Housing program.  I strongly encourage you to become familiar with the areas in your neck of the woods that qualify for this 100% financing program.  Check area

Michael Byrne

Gateway Funding DMS, LP

http://www.mortgageprosforum.com/

questions: call me at 1-800-999-2489 x7972  or 908 531 6170 Cell

Currently at Gateway Funding, we still have access to jumbo mortgage financing with rates often under 5% on a 5/1 ARM Program as of 3/7/2008.  These loans include a minimum 1pt origination fee and other restrictions and fees may apply.

We can offer amortizations from 15-40 years, and also have an interest-only option as well.  We can go up to a 75% Loan to Value for loans up to 1 million dollars, 70% to 1.5 million, and up to 65% to 2.5 million on purchase money and rate/term refinances.  Cash-out refinances are available at lower loan to values.

Given the current secondary market, there are restrictions that apply.  These are full doc loans, with credit scores over 700, and reserve requirements ranging from 6 months to 36 months depending on loan size.   Call today to see if you qualify.

Michael Byrne

Loan Officer

www.mortgageprosforum.com

This does not constitute a commitment to lend and other restrictions may apply.  Consult with your mortgage professional for details.  Equal Housing Lender.