100% financing is still ready in the mortgage market. I know, you listen to all the financial doom and gloom from the media and you would think every lender just locked their doors and went home. It's not a good situation but it is not as bad as the media wants you to think.
Remember, it is also an determination year and every determination year, both political parties talk about how bad the cheaper is until we believe them. Then one is elected and they save the day, ... And the economy. Don't ya just love it!!
Here is a news flash. Habitancy are still buying homes. Yes, mortgages are ready and everybody should comprehend that this is the best time to invest, or purchase a home. (When the price is low.) Have you ever heard the term "A Buyers Market"? That is what we have here.
History shows that Real Estate sales and our cheaper run in cycles. Back in the late 70's and 80's it was a 4-5 year cycle. You could graph it. Then, when the sub-prime loans were forced on lenders (mid to late 90's) by government regulation the cycle changed. They became longer and were more intense until it all caught up with us and here we are, like it or not.
I don't like it whether but more than that I am tired of the finger pointing and blaming, and dreading, and media hype. I don't believe a "bail out" is the riposte but obviously, it is not my option or yours, or we the people's choice. Our elected officials will make the decision and base it on "no stronger ground" than what you and I would base our own thought on.
All right all ready! So do it, what ever it is, ... So We The Habitancy can get over it and move on. We have been straight through worse times and we will survive and prosper. I think it is in the Dna of the Usa. (sorry, that was genuinely bad) We survive in spite of the Habitancy we have elected to office.
If you must have 100 Percent financing it is available, ... Just not in the form of old no-doc, no-verification sub-prime loans. You have any options. Fha, Va, Rural Development, or special products based on excellent credit and stability. The Usda Rural amelioration stock is one that few remember or know about.
Usda Rural amelioration has two mortgage programs: Direct and Guarantee. The Direct agenda is a mortgage provided directly though the rural amelioration office and your wage can only be 80% of the average wage for that area.
The warrant agenda on the other hand is provided by Usda stylish lenders and Broker originators. It is a warrant program, there is no subsidy or recapture, and the wage restrictions allow up to 115% of the average wage after special adjustments.
This is a 100% Ltv mortgage based on the Appraised value, not the purchase price. The credit guidelines are very flexible and the guidelines have no minimum buyer commitment and no maximum for jobber concessions. Note: some lender policies may be stricter in this area. Usda will all the time respect the lenders prerogative.
Ok, so let all of us get over the failure of our market, roll up our sleeves and move on to a brighter future. Remember, Now is the best time to purchase, during a buyers market!
on front page 100% Mortgage Financing - Yes, it is Available! on front page
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