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usda: USDA rates drop: A great alternative to FHA in many Californian cities! - 09/13/08 05:06 PM
With the recent and ongoing changes in FHA, USDA loans are among the hotest mortgage products in many cities in the great state of California. 
Today's posted rate for a USDA 30 yr fixed mortgage with a 1% origination point is:
5.50%
As compared to Fannie Mae or Freddie Mac who are running at 5.75% today and with a minimum of 5% down, USDA offers a far superior choice for many borrowers who have been recently saddled with changes in FHA guidelines now mandating a 3% down payment as of October 1, 2008 and a 3.5% down payment as of … (5 comments)

usda: FHA changes: Are you ready as a Realtor or consumer? - 09/02/08 10:11 PM
Effective 10-01-2008: No more seller assisted gift funds programs
Effective 01-01-2009: FHA min down will be 3.5%
Question:  What other options do we have??
According to HUD letter 00-28 #4155.1:
Parents or family can still gift the entire 3.5% Parents, believe it or not can literally get the money from any place (pawn shop, credit card, whatever) to gift to their kids. Cash on hand up to $3000 (mattress money) can still be used as sourced funds You can get a loan against an asset even from the seller and even on the subject property in the form of a seller … (5 comments)

usda: USDA Guaranteed Home Loans - 100% Financing with No MI! - 07/18/08 04:33 PM

Despite the gloom and doom in the marketplace there are still plenty of great financing options.
One such program is especially attractive, if not the most attractive of all 100% financing in the marketplace today.  The program I refer to is the USDA Guaranteed Home Loan. 
"It is simply hard to compete with the USDA Home Loan."  - Tony Jones, USDA client closed 7-02-08
USDA is designed to stimulate rural development.  Properties must be located in eligible rural areas.  By definition, generally towns with a population of 20,000 or less that are removed from urban centers. 
I live … (3 comments)

 

Mike Smith

Roseville, CA

More about me…

Fair Housing Resource Center

Cell Phone: (916) 813-4003

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Certified Mortgage Planner (CMPS): 14 yrs experience & over $300,000,000 in loan fundings. Committed to providing my commercial & residential clients with real time data on mortgage backed securities & rate locking strategies.



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