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Jordan Schick

100% No Money Down

USDA Rural Development Loans

100% No Money Down

Efforts to strengthen the economy of rural communities in Iowa include the USDA Guaranteed Housing Loan, which provides 100% financing for borrowers in towns with populations of 10,000 or less. This loan is available for borrowers to purchase a home as their primary residence. This 30 year fixed rate mortgage is available to families whose income does not exceed 115% of median income for their county or MSA. There is a 2% funding fee which is financed into the loan, and there is NO monthly mortgage insurance required!

Rural Development Income Limits (IOWA)

By Number of Occupants Who Will Live In The Dwelling

County, IA

1 Person

2 Person

3 Person

4 Person

5 Person

6 Person

Benton

$49,550

$56,600

$63,700

$70,750

$76,400

$82,050

Bremer

$49,550

$56,600

$63,700

$70,750

$76,400

$82,050

Buchanan

$49,550

$56,600

$63,700

$70,750

$76,400

$82,050

Fayette

$49,550

$56,600

$63,700

$70,750

$76,400

$82,050

Grundy

$49,550

$56,600

$63,700

$70,750

$76,400

$82,050

Hardin

$49,550

$56,600

$63,700

$70,750

$76,400

$82,050

Tama

$49,550

$56,600

$63,700

$70,750

$76,400

$82,050

Rural Development Highlights

Minimum 620 Credit Score

No Monthly Mortgage Insurance Premium (PMI)

Up to 6% Seller Concessions

100% Financing/No Money Down

Many will profit from Fannie Freddie failure - Will you?

Mortgages are in the news again today...but this time, the news is good! Especially for people looking to buy or refinance a home, as interest rates have dropped to the lowest levels seen since April.

You've probably heard that Fannie Mae and Freddie Mac were taken over or "bailed out" by the Federal Government over the weekend. The announcement came as the government felt that both of these institutions were potentially unable to meet their obligations. These agencies must pay off maturing Bonds every month, and they do so by selling new Bonds. But during the last twelve months, investor appetite to purchase new mortgage-backed security Bonds has deteriorated. As such, it has become more difficult for Fannie and Freddie to replenish capital to fund more loans. If both Fannie and Freddie became insolvent, the housing market as well as the mortgage market would come under further pressure.

With the Treasury stepping in to provide a "backstop" for the mortgage giants, investors now have confidence to purchase Mortgage Bonds. And the greater interest has helped lower interest rates today.