A Big Incentive to Buy Before October 1st!!!

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100% financing is still available through Rural Development. Many of my buyers are finding this program hard to pass up:
  • No Down Payment
  • No Monthly PMI (until Oct 1st – so don’t delay!)
  • Allows Closing Costs to be rolled into the loan
  • Unlimited Seller Concessions (great opportunity for a "buy down" & lower monthly payments)
  • 30yr Fixed Rates ranging from 5.0 to 5.25% over the last 6 months
  • No Re-capture Period or Pre-payment Penalty – Ever!
  • Credit Scores all the way down to 640

However, beginning October 1, 2011, all RD purchase loans transactions will be charged an annual fee of 0.3 percent of the unpaid principal balance (monthly PMI). On a $200K home, this is $50/month or $600/yr.

These changes will not be effective until October 1, 2011. So there is plenty of time between now & October for buyers to still avoid this additional cost.

Click here for more real estate news and advice.

For more mortgage and finance information, visit my website's mortgage center.

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