They’re called USDA Rural Development 502 Loans

There is another news announcement that “Buyers Being Lured to 100% Loan Program” that was in the recent issues of The Wall Street Journal. The article states that more buyers in search of home loans are turning to an obscure program operated by the United States Department of Agriculture.

Well, we wrote about this program a few months back. The blog entry detailed this little know mortgage loan program.   The program allows no-money-down purchases. For those that qualify, a borrower can seek up to 102 percent, including a mortgage insurance policy.  To quality, buyers can’t have income that exceeds 115 percent of the median county income. Additionally, the loans are restricted to low-density areas (usually towns of no more than 25,000 residents). The loans are made by private lenders, which are then insured by the government.

For more information, contact your personal mortgage representative.  Or, if you don’t have one, we can highly recommend a few that we have done business with and have been completely satisfied with their service, as have our clients.  Just contact us by calling 609-417-1084. 

Find your next home at our new and updated web site.

Tags: buyers, Finances, financial, loans, mortgage loans, mortgages, no downpayment, no money down

Hope for Homeowners Will Help Many Families, Say Realtors®

For Immediate Release:

WASHINGTON, October 01, 2008

The following is a statement by National Association of Realtors® President Richard F. Gaylord:

“The National Association of Realtors®, on behalf of its 1.2 million members, commends U.S. Department of Housing and Urban Development Secretary Steve Preston and the entire oversight board for quickly implementing the Hope for Homeowners Program. This program will permit families to refinance into safer, more affordable mortgages, in many cases helping those families avoid a devastating foreclosure. Hope for Homeowners will significantly contribute to stabilizing local home prices across the country. The program also protects the investment of the government and taxpayers by allowing them to share in the homeowner’s equity and appreciation.

Careful implementation of the program will ensure lender participation while protecting the FHA fund. We appreciate HUD for reaching out to government agencies, lenders, and other interested parties before implementing the program. Realtors® work to build communities, and by participating in this program, we can do our part to help many families to keep their piece of the American dream.”

Tags: Finances, financial, homeowners, HOPE for Homeowners, relief