The best Jumbo Mortgage Lender in the ENTIRE St. Louis and St. Charles area! What exactly does that mean? What constitutes the best? Is it the lowest interest rates? A large and ranging selection of mortgage programs? Easier qualification? The answer to the question of what lender is the best Jumbo lender in the area will depend on you and your needs. 
Ever since 2008 when the mortgage industry went through some dramatic and lasting changes it is the Jumbo mortgage market that got hurt the worst. Many home owners and home buyers looking to purchase and finance a new home or refinance have found it extremely difficult if not nearly impossible to get a new mortgage. Most lenders at the time did not want to take the risk of providing Jumbo mortgages so they restricted their programs or did away with them all together. Now, it is the start of 2012 and there are several lenders putting their toe into the water of Jumbo mortgages, they are testing the water but I am seeing a lot of great changes to the Jumbo mortgage mortgage.
WHAT IS A JUMBO MORTGAGE?
In the St. Louis area and all over the State of Missouri the conventional maximum loan limit is set at $417,000, so any loan over the conventional loan limit cannot be bought by FannieMae or FreddieMac. Any mortgage loan with a principal balance of over $417,000 for the most part will be considered a Jumbo mortgage.
LOWEST JUMBO MORTGAGE INTEREST RATES!
Is having the lowest interest rate for Jumbo mortgages the criteria for making USA Mortgage the BEST Jumbo Mortgage Lender in St. Louis and St. Charles Mo? Well, I certainly think it wouldn't hurt, interest rates greatly effect your house payment when your loan amount is so much higher than the norm. So looking for a lender with the lowest interest rate is paramount to many Jumbo borrowers.
A .250% difference of interest rate on a principal balance of $800,000 equates to a annual savings of $2000, over a short 5 year period this is a savings of $10,000! As anyone knows, your money in your pocket will do better for you than it would in your banker's pocket.
Are you looking for the lowest interest rate? If you are; please make sure you are considering the cost of getting that extremely low interest rate. With that warning having been made I will offer you this; I have not found any Jumbo Lender in the St. Louis area who can beat USA Mortgage's Jumbo interest rates across the board and especially so when you consider the cost of gaining that low interest rate.
Do you want the lowest Jumbo interest rate for your new home purchase or to refinance your current mortgage? I encourage you to contact me or visit my website and ask for a quote, it only takes a few minutes to save thousands of dollars. If the lowest interest rate isn't the only item you need in a new Jumbo Mortgage than I know USA Mortgage is your answer.
A WIDE ARRAY OF JUMBO MORTGAGE PROGRAMS!
Jumbo borrowers seem to be more in need of wider or more lacked underwriting standards than government loan and conventional loan borrowers. Back in 2008 all of the Jumbo lenders made their deepest cuts to the lending guidelines that made borrowing money so easy, they made their lending guidelines so tight that only a few borrowers could actually get a Jumbo mortgage. Recently, many lenders have loosened their guidelines. Though Lenders still pay attention to risk it is easier to get a Jumbo Mortgage today.
As of this writing I still have no ability to provide a mortgage to a Jumbo borrower who cannot prove income, there still is no Stated Income loan programs available to Jumbo borrowers. I do have a program that allows for stated assets, and this has helped a few of my recent borrowers get new mortgages!
We aren't back to the old days but I doubt we will ever see those days return. I am doing more and more Jumbo loans today because the lenders I work with are opening up their lending guideline to allow more borrowers in. To discuss all that is now available would be too plentiful to put into this already too long article, I suggest you contact me or visit my website to learn what is available to you. Below is a list of some highlights of what many new Jumbo borrowers are finding at USA Mortgage:
What else may you need to get your new Jumbo Mortgage loan? Give me a call, send me an email or visit my website and find your answer there. If you are looking to purchase a new home or refinance you existing home in the St. Louis area, St. Charles, Chesterfield, Clayton, Ladue, Frontenac, Town and Country or anywhere in Missouri you owe it to yourself to see what USA Mortgage can do for you. From the lowest Jumbo interest rates to the best jumbo loan programs, we have it all waiting for you.
Many home buyers dream of purchasing a home but don't necessarily have the cash on hand to make the hefty 20% down payment required by a conventional home loan. USDA Rural Development mortgages stand 
alone as the only zero money down program available to borrowers that have not served in the military. Eligible borrowers will be hard pressed to find a loan program that offers more favorable terms. In the State of Missouri a USDA Rural Development mortgage is the way to go if you are interested in an economical and obtainable home loan.
In the past many have referred to the USDA Rural Development mortgage as "the farmers loan" or the poor sibling to the FHA mortgage, this just isn't true any longer. There are still restrictions to this loan program that makes it unavailable to some borrowers but for those who can qualify for the USDA mortgage it is still the best available mortgage.
Geographical Restrictions to USDA Rural Development Home Loans
The number one restriction is geographical, there is a reason it is called rural development. This loan program is only applicable to designated rural areas, the large metro areas of St. Louis and Kansas City are ineligible but the sounding counties of Jefferson and St. Charles have areas that are still eligible as well as Lincoln County, Crawford County, Warren County and Pike County.
Some of the smaller metro areas like Columbia, Springfield and Cape Girardeau are ineligible within the city limits but as soon as you leave the city limits you may be eligible if you live in Greene County, Boone County or Cape Girardeau County. USDA Rural Development provides a great tool to check if a property is within the eligible areas, CLICK HERE and see if the house you want is available for 100% financing.
Income Restriction to USDA Rural Development in Missouri
The Rural Development mortgage program was developed to help low to moderate income families so there are income restrictions on this loan program. Income is limited to 80% of the median income for the county your new home is in plus the size of your family that will be residing in your new home. The bigger the family the higher the income limitations. Don't be concerned about the income limitations I have found that most people never make too much money. CLICK HERE and be taken to the State of Missouri guide to income limitation for USDA Rural Development loans.
Why USDA Rural Development Mortgage Program
The main advantage of the USDA Rural Development home loan is that it provides the opportunity to purchase your next new home with zero down payment! Other than the VA mortgage no other loan program allows for nothing down.
N mortgage insurance, nearly every loan program requires mortgage insurance if you are not putting 20% or more down on your new home and mortgage insurance can be very expensive with FHA it basically adds another 1.15% to your interest rate. With Rural Development you now have to pay a yearly fee equal to 0.3 percent of the loan balance, but this fee is a lot less than the alternative.
Great interest rates! Considering that you are financing 100% of the sales price the interest rates for USDA Rural Development mortgages in Missouri are very low. Generally, you will find that a 30 year fixed rate mortgage to be at or below a similar FHA loan and nearly always lower than a comparable VA or conventional mortgage.
No Out of Pocket Expense
Here is an advantage of the USDA Rural Development mortgage that most of my home buyers are finding that many lenders cannot or will not do. There are always closing costs involved with any mortgage, these are
costs that are not considered part of your down payment and they can add on to quite a lot of out of pocket expense. What would you prefer, to keep your money in your pocket or give it to someone else?
There are 3 methods to having little to zero out of pocket expense when it comes to utilizing this great loan program. 1) simply ask the sellers to pay for the closing costs, negotiate this when you make your offer and the may be able to get the sellers to pay your closing costs. 2) if the appraised value of your new home is higher than the sales price you can possibly roll all the closing costs into the new loan. 3) HAVE YOUR LENDER PAY FOR ALL THE CLOSING COSTS! This isn't something many lenders can or will do but I help many new home buyers by providing a lender credit for ALL THE CLOSING COSTS.
Before You Shop For a New Home
Before you start shopping for a new home please get pre-approved by the lender of your choice, this simple process can cure all sorts of headaches that could come up after you are tied in to a sales contract. Of course, I would welcome the opportunity to provide you with a no cost and no obligation pre-approval, if you are looking to purchase your next new home in the State of Missouri I can help you.
I have closed USDA Rural Development mortgages in nearly every county of Missouri, including Jefferson County, Lincoln County, Warren County, Montgomery County, Crawford County, Perry County, Washington County, Stoddard County, Gasconade County, Pike County, Cape Girardeau County, Greene County, Jasper County, The Springfield area, Boone County and all around Columbia, just about everywhere in Missouri. Let me add your county to my list.
It's back! After leaving Missouri, St. Louis, St. Charles and the surrounding area HUD has brought back the $100 Down Payment Program for a limited engagement! $100, that is all you'll need for a down payment to buy a foreclosure offered for sale by the government.
Yes, the U.S. Department of Housing and Urban Development has brought back the $100 down payment plan. This could be a tremendous opportunity for some people, first time home buyers or perhaps those looking to downsize.
HUD Foreclosures? So, just what kind of home can you buy with $100 down? Some of these are modest homes, some are in poor condition, but many are great bargains, family homes in great neighborhoods. many are large homes perfect for a family. You can find a database of HUD owned homes HERE. There is quite a range of homes, complete with photos and descriptions.
Don't be concerned if you find homes that look to need some minor repairs or more, there is a mortgage loan program perfect for purchasing these HUD foreclosures that need work, it is the FHA 203k Renovation mortgage. If you would like to learn more about the FHA 203k mortgage and how it can work for you click HERE.
THE $100 DOWN PAYMENT PROGRAM HAS THE FOLLOWING REQUIREMENTS
$100 AND THAT'S IT!
This program allows you to negotiate a 3% seller concession of the agreed upon sales price to go toward your closing costs. Imagine possibly purchasing a new home with just $100 out of your pocket. It may be possible that the seller's concession amount will not cover all your closing costs, if that is the case ask your lender to cover the remaining closing costs and now you are purchasing a new home with just $100 down payment. Not all lender will or can offer to pay your closing costs to learn more about lender paid closing costs click HERE.
Ok, you can't get the seller, HUD, to provide you a seller concession, and your lender will not or cannot pay your closing costs. (You should have called me) The there are a couple other options available to you through the several down payment assistance programs in the area. Don't let the name fool you, the money these programs provide can go to closing costs too. IF you would like to learn more about these programs and what could be available to you click HERE.
THE $100 DOWN PAYMENT INCENTIVE HAS TO BE ON THE EXECUTED CONTRACT!
The HUD $100 Down Payment Incentive Program has to be on the executed contract presented to HUD's M & M contractor. What this means is that you have to request this incentive when you send the signed contract in. This is why you must work with a well qualified real estate agent who has knowledge and experience working with HUD foreclosures. Do your homework with your real estate agent because you will only have one chance to get this part right!
GET PRE-APPROVED BEFORE YOU GO OUT HOME SHOPPING
As mentioned before if you are going to finance your HUD foreclosure purchase you must do so with an FHA mortgage, more than likely you will utilize the FHA 203b or the FHA 203k Renovation Mortgage. The FHA mortgage qualification guidelines are some of the easiest in the industry, FHA allows for higher debt to income ratios, credit qualification is more relaxed than conventional, this is the loan program for most first time home buyers.
If you would like to learn more about the FHA mortgage please click HERE or if you would like to learn about the FHA 203k Renovation Mortgage click HERE. Lastly, if you would like to get a free no obligation pre-approval visit my website at www.bobrutledge.com, here you can learn about me and about financing your next new home.
Are you looking to purchase a home in a rural community, but wondering where to begin looking for help with a home mortgage? Good News! The U. S. Department of Agriculture (USDA) has a home loan guarantee program that can help you obtain a home loan mortgage. The USDA Rural Development mortgage program offers to qualified borrowers residential home loans in rural communities. With the help of this mortgage program you can be living in a new home with little or NO MONEY DOWN!
Established in 1949, the USDA Rural Housing Loans program of the US Department of Agriculture has helped more than 2.7 million rural citizens take advantage of the opportunity of to own a home. For over half a century, the program has formed partnerships with carefully selected lenders in each state. In turn, the lenders provide the loans with a repayment guarantee from the USDA, in case the loan should ever default. The USDA backing means that loans are less risky to mortgage lenders who can proceed with confidence and offer home financing to those individuals who meet the USDA Rural Development guidelines.
For those who qualify a USDA mortgage can offer many advantages over other home loan programs available in the marketplace. Here are 10 reasons to consider a USDA Rural Housing Loan:
1. This is one of few zero money down mortgage programs available to borrowers outside of the military. The 100% financing option is one of the most attractive features of a USDA mortgage, as it can be tough for first time home-buyers to come up with a five, ten, or even twenty percent down payment when purchasing a home.
2. Borrowers are required to take out private mortgage insurance, this is a very recent change. But, the monthly mortgage insurance factor is .3 percent as opposed to FHA monthly mortgage insurance factor of 1.15 percent.
3. Combine USDA / Rural Development zero down payment with down payment assistance or lender paid closing costs to purchase a new home with little to nothing out of pocket.
4. No maximum purchase limit. The USDA Rural Development mortgage has no maximum purchase price limit.
5. Families with lower incomes and those with less than perfect credit may be able to qualify. In fact, this program is specifically for those with lower incomes, and borrowers who make above a certain amount (varies by county) may not qualify.
6. Competitive 30-year fixed rate mortgages make for lower monthly payments that are geared towards ensuring the successful repayment by borrowers.
7. USDA mortgages are intended to finance "modest dwellings", which can help buyers avoid purchasing a home that is above their means.
8. Less restrictive underwriting guidelines. Borrowers must still provide a credit history report. But the flexible guidelines allow potential homeowners with spotty or bad credit to still qualify for a home loan.
9. Seller paid closing costs are permitted, up to a certain percentage of the loan amount. This can enable a home purchase with few up front out of pocket expenses.
10. Homes that are "fixer-uppers" may qualify for extra funds for rehabilitation. Home repairs can be included in loan. Looking to purchase a "handyman special" home? Homes that need refurbishing or rehabilitation may qualify for extra funds to be included in the home loan mortgage to go toward repair costs.
Who is eligible?
Any individual or family who plans to occupy a home located in an eligible rural area as their primary residence may qualify for a USDA Rural Development home loan. An applicant for the USDA mortgage guarantee loan must provide sufficient income verification and a credit history that indicates an ability and willingness to meet repayment obligations. An individual or family must show proper legal capacity to own property in the U.S.A., own no home or dwelling currently, and have insufficient resources to qualify for a conventional home mortgage.
It is important to understand that not everyone will qualify for a USDA mortgage. The property must be located in an area that is designated as "rural" by the USDA, and the loan amount must fall within allowable limits (varies by county.) The borrower must meet the guidelines for eligibility and be able to show based on their income and credit history that they will be able to repay the loan as agreed. For those who qualify a USDA Rural Housing loan can help make cost effective home ownership a reality.
How to get started
USA Mortgage is the number 2 USDA Rural Development lender in the State of Missouri; let our experience and ability go to work for you. Allow me to show you how to purchase your next new home with zero down payments and have your closing costs paid for you. Zero down payment plus zero closing costs equals a new home with your savings in your pocket.
CONTACT ME TODAY!
Since 1934, the Federal Housing Administration, (FHA) has offered home ownership assistance to
Americans in the form of FHA financing. The program originated to combat the effects of the Great Depression, when the rate of foreclosures and loan defaults were high and home ownership for the average American was very low. In response to the recent economic downturn, modifications have been made to the FHA program. Now there are even more reasons to consider FHA financing.
1. FHA financing allows home-buyers a low down payment alternative for their home purchase. The minimum down payment is a low 3.5%. Click here to learn about Down Payment Assistance in Missouri.
2. Low interest rates and very reasonable closing costs. With an FHA loan it is permitted for the closing costs to be paid by the seller, by the LENDER, or as a gift from a relative, non-profit, or government agency. This can make a home purchase possible with very low out of pocket expenses. Click here to see how a lender can pay your closing costs!
3. Even borrowers with less than perfect credit may qualify. FHA has several mortgage options that have a minimum credit score that is required for all applicants, but it tends to be much lower than conventional mortgage programs.
Have you been turned away because you credit scores fall from a 580 score to a 640? Click here to find out how you can get an FHA mortgage now!
4. FHA loans are not just for single-family homes. For qualified borrowers, they may be available for 1 to 4 unit properties. The homeowner must live in one unit, as FHA loans are strictly for owner occupied homes, but the additional units can be rented out helping to offset the mortgage cost or generate income. Alternatively a multi-unit home could be used to accommodate a large, extended family.
5. There is a specialty FHA program available (203K loans) that allow the cost of buying a fixer-upper and making the necessary repairs to be financed in the mortgage. This is a great program to purchase bargain homes that need a bit of repair, buy the home at a low price, finance the repairs and have a home with equity. Click here to learn more about the FHA 203k Renovation loan.
6. Another specialty FHA loan is designed to keep Senior Citizens in their homes, allowing them to borrow from their equity to provide cash to live on. This is called a Reverse Mortgage.
7. The Energy Efficient Mortgage (EEM), also from the FHA, is designed to finance the expense of energy efficient home improvements. Home owners can improve their own property and make a positive impact on the environment.
8. FHA loans have much more flexible underwriting guidelines, over conventional mortgages, to fit today’s home buyer. Much higher debt to income ratios, the FHA mortgage provides for a non-occupant co-borrower to help a new home buyer qualify for a new loan.
9. In addition to loans for a home purchase, there are also FHA programs that offer funds for refinancing and debt consolidation. Cash out refinances to 85% loan to value, and for a rate and term refinance you can utilize a 97.75% loan to value. This is very useful in today’s lower home values environment.
10. FHA mortgages are assumable, which means after you have owned you home for a while and are ready for another new home the mortgage interest rate you currently have can be assumed by the new owner of your home. This is a great selling tool when you have an interest rate lower than the current market rate.
To learn more about the FHA mortgage program and other mortgage programs that can help you purchase your next new home please feel free to contact me. I welcome the opportunity to answer your questions, find down payment assistance for your new home purchase, provide you alternatives that will save you money and give you a great interest rate, or refer you to another lender who may be able to help when I cannot.
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A Mortgage Professional with nearly two decades of helping 1000s of home owners and home buyers gain the best mortgage. Knowledge, Service, Caring and Experience all in one!
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