Daily Mortgage News

Let's talk about 100% Financing. YES it is still out there and better then ever. USDA is a rural development program set out to help people buy a home. There are income guidelines based on the size of your family and it is only available in Rural areas to help develop communities so the property has to be eligible. Some of my favorite things about this program is that they offer 102% Financing based on the VALUE  of the property not the sale amount or purchase price. The 2% is a funding fee that they charge and keep. So if your purchase price is 100K and the home appraises at 110K you get that 10K to put towards closing costs. So no down payment and no closing costs. There is also no monthly mortgage insurance because the money is guranteed by the goverment. They go pretty low on credit scores, Plus the rates are great just see below.... So stop making excuses and come see if you qualify for this loan!

Daily Mortgage Rates

Conventional 30 Yr. Fixed Rate: 4.875%*

FHA 30 Yr. Fixed Rate: 5.00%**

USDA (100%) 30 Yr. Fixed Rate: 5.00%***

*Based on a sale amount of 150K with 10% down and an APR of 5.93%

**Based on a sale amount of 150K with a 3.5% down and APR of 5.97%

***Based on a sale amount of 150K and Loan Amount of 153K and APR of  5.393%