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Monday's Mortgage Ramble

By
Mortgage and Lending with CMG Home Loans NMLS 248937

 

It is hard to believe, but we are in the middle of the 2nd quarter of 2012 already. This year is rushing by a bit too quickly!  The first quarter has been great: First quarter home sales (closings) were the highest for the period in five years. And the boost in first quarter contract signings indicates second quarter sales could be just as good. So 2012 is truly showing improvement. Make sure you pass that positive news along to your clients. We all know that the media certainly is not doing that for us!  With rates hovering at a 60yr low point and better home sales numbers - now certainly is the time to buy a home if your buyers plan on staying in the home for the long run.

 

DON'T BE AFRAID OF THE USDA! - I just love that program, yet I hear seasoned agents shy away from it on a regular basis. This program is the best program out there if your buyer is not a Veteran, and they fit the mold for the USDA. The house just needs to be in a USDA eligible area and the buyer's income needs to be below $92,600 for a small family (In Monmouth and Ocean County NJ)  Why do I love it? Beyond the ability to offer a TRUE no money down program - It has GREAT rates AND no Mortgage Insurance Premium, just a LOW Guarantee fee.  To illustrate how low it is let's compare a $200,000 FHA loan which would have a monthly MIP payment of $208.33 VS a $200,000 USDA loan with a monthly Guarantee fee of $50/month. That is a $158 savings EVERY MONTH, or it is $33,000 MORE house.  I have had many buyers get into a home in the past 12 months that have had sellers help out with the closing costs, leaving them with very little out of pocket, and they have ended up with PITI payments that are lower than their rent. The USDA program will save our clients money every month, and get them into a house without depleting their savings.  That will keep them happy and comfortable in their new home.

 

For Eligibility (Income and Property) you can click here.

 

I look forward to our next deal together. Let's make the second quarter better than the first!

 

Have a great week!

Rob

Robert Rauf

Mortgage Loan Originator

NMLS ID# 248937

http://robertrauf.remn.com/Default.aspx or my blog: http://activerain.com/blogs/rrauf

(732)557-6920 x102

RRauf@REMN.com

Since 1987 I have been helping my clients fulfill their dream of home ownership!

Real Estate Mortgage Network Inc.

 

remn

 

 Equal house

 Real Estate Mortgage Network, Inc. is located at 16 Madison Avenue, Building 2 Suite 2D Toms River, NJ 08753. NMLS #6521. New Jersey Licensed Lender and Mortgage Banker #L041053. Visit www.REMN.com for more information.

 

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Comments (2)

John Pusa
Glendale, CA

Robert - USDA mortgage loan can help many home buyers. Thanks for sharing very good information on Monday's mortgage ramble.

May 07, 2012 09:04 AM
Robert Rauf
CMG Home Loans - Toms River, NJ

Thank you John!  and thanks for stopping by my blog.

May 08, 2012 02:41 AM