Mortgage Discussion for the Panhandle area

As we discussed in the last blog the credit crisis is causing more problems than the economy itself. Even the President and the Federal Reserve are scratching their heads trying to come up with an answer. Having been through this process before I can tell you time is the answer. In fact we are already seeing some positive signs. Jumbo type money is back and some of the programs lost to the crisis are beginning to show back up and help homeowners in distress.

We still have good 100% lending products at great rates. Two of the best we close many loans with are VA and Rural Development. Everyone knows VA but in many cases Rural Development is not as common. That needs to change. Rural development is a 100%+ with the following advantages:

• No minimum credit scores
• No cash contribution required
• No Mortgage Insurance
• No reserves required
• Lend on appraised value not pruchase price
• No restrictions on seller paid closing cost and prepaids

Rural Development is a program we all need to add to our tools of selling houses. This program is offered by the USDA and is goverment backed so it is not going away and is steadily growing as an answer to many home buyer needs.

The credit crisis is going to be with us for some time but there are many lending products for your customers with special needs. Give me a call and I will be happy to share more insight on any of these products.

Joe