Virginia mortgage rates and industry news

While zero down financing is truly a thing of the past, along with the fact

that FHA will be increasing the amount down necessary to obtain financing, we still offer true 100% financing with no mortgage insurance. 

The program is called the Guaranteed Rural Housing program and for many folks in Virginia, you may qualify.  Here's how:

1. First and foremost, the property you wish to purchase must be in a designated HUD approved "rural" area.  You would be surprised at what is still considered rural!  I live and work in Gainesville, VA and most of Gainesville and Haymarket are still considered rural!  Add other counties like Fauquier, Stafford, Spotsylvania, Hanover and Loudoun (to mention a few), and you've got quite a few homes that qualify!
2. Second, the program is income restrictive, meaning you can't make more than a certain amount for your area.  The income restrictions are tiered by number of people in your household, so a single buyer will have a lower income restriction then say, a married couple with 2 children.

If you meet the criteria above, the program allows for lower than average credit scores, incentives from the seller at settlement up to 6%, no mortgage insurance, loan amounts up to $417,000, and VERY attractive fixed interest rates!  Try 5.875% as of 11/14/08.

If you would like more information on this program, which in my opinion, is the very last 100% no money down mortgage left in America, please contact me!

I'd be happy to talk with you to see if you qualify!

Paul Thistle, President - LOAN PLANET

703-753-5747

www.loanplanet.net