ZERO-3% DOWN LOANS AVAILABLE

Marketing Material to "Swipe and Adapt", USDA ZERO DOWN LOANS- Thoughts to Market Listings, Bill has Passed! Ok, deep breathe..... Lets talk about the week. Monday was brutal, followed by some recovery Tuesday and Wednesday. Yesterday the Senate voted the Revised Economic Recovery plan and Congress finally said Yes today. So in 25 words or less.... what does the Economic Recovery plan mean? Credit lines will remain open and lending should continue. Is it the magic bullet that everything is perfect and all will be the same as before or better? No- but it is a start. Now it is up to us to get the word out that financing is still available without a large down payment, inventory is strong and it is a wonderful time to purchase. So, with that thought, you will find below wording that can be used on flyers, ads, letters, signs, banners- whatever you want to use it for. Please use it (feel free to modify it in any manner that you wish- use it in third person or first person or however you want to change it up)- lets just get the word out!!!!!! Marketing Material to "Swipe and Adapt" for Your Clients and Database A lot of potential buyers are now feeling as if they can't buy a home until they save money for a large down payment. This is not always the case and if buyers want to purchase a primary home, there are ways that are still available to get 0-3% down financing. These programs do require that the buyer qualify for the house, which is a good thing as it won't put people in homes that they can't afford. The credit history does not have to have been perfect; financing for homes can be obtained for people with credit scores of 580 and higher, as long as they can show a good rental payment history. On October 1, 2008, the ability to get an FHA loan and have the seller contribute to a seller-funded down payment assistance program such as Ameridream and Nehemiah ended. The passage of Housing Bill 3221 by Congress took this feature away, ending the ability to have the seller help a buyer to get 100% financing on an FHA loan. A buyer will now have to contribute 3% towards down payment (3.5% after January 1, 2009) for an FHA mortgage. However, there is 100% financing available as you can see below. A buyer does not have to be a first-time homebuyer to get 100% financing. However, as a first-time buyer (haven't owned real estate for the last 3 years), they may qualify for a $7,500 tax credit on the Federal Tax Returns this year (made possible by the Housing Bill 3221), making purchasing now even more attractive with interest rates low and inventory high. Here are some ways to purchase a primary home with 0-3% down: FHA mortgage allows a gift or loan from a family member - A family member can loan or gift the 3% down payment required (also note that there are actually 22 ways in which FHA allows a buyer to come up with the 3% down payment required!). FHA loan limit has increased to $271,050 making it a very attractive loan in Dallas/Fort Worth. There are First Time Home Buyer Bond Programs available. Many of these programs are getting their new allotment of funds this month, so it is a great time to look at this. Zero down VA loans are available for those who have eligibility for having served in the military. In addition, using the VA in conjunction with the Texas Veterans Land Board program (TVLB) could give a buyer a 30 year fixed interest rate down to 4.75 fixed (restrictions apply)! USDA Rural Housing loan - this program actually has the ability to include closing costs in the mortgage as well as no down payment and no monthly mortgage insurance! There are income and location limitations but many people are surprised to see exactly what areas do qualify (i.e., Rockwall, Wylie, Forney, Little Elm and Azle, just to name a few). Interest rates are still low, and buyers can purchase a home with a lower payment. It is a great time to purchase a home. Do you have listings in the following cities? Did you know that buyers purchasing homes in these cities could qualify for the USDA loan (yes, like the beef). NO down payment, NO monthly PMI, the seller is allowed to pay all reasonable closing cost and prepaids, and NO hit to the rate for the zero down, NOT a first time home buyer program and No reserves needed. If you have listings in these areas, a thought would be to advertise ZERO down, or $1000 move in, etc (make certain that there is enough room to roll in costs or seller is willing to pay). This is a great loan product. If you would like more information, just let us know and we can send you more details. Please note that it is income restriction (howbeit the income limits are fairly high). Let us know if we can assist you with any questions that you have. We are an expert in this loan product (we are one of the only two loan officers in D/FW that were asked to be on a USDA advisor board) and would love to be of assistance. Just email us or call us at 972-278-3400 or 866-963-3777. Athens, Alba, Anna, Aubrey, Avondale, Azle, Bardwell, Berryville, Blue Mound, Briar, Brownsboro, Caddo Mills, Campbell, Caney City, Canton, Celeste, Celina, Center Point, Chandler, Coffee City, Combine, Commerce, Corinth, Cottonwood, Crandall, Crowley, Edgewood, Edom, Eustace, Farmersville, Fate, Ferris, Forney, Fruitvale, Gun Barrel City, Glen Heights, Grand Saline, Grays Prairie, Haslet, Hawkins, Heath, Highland Village, Italy, Justin, Kaufman, Kemp, Krum, Lake Dallas, Lakeview, Lavon, Little Elm, Log Cabin, Long Oak, Mabank, Malakoff, Melissa, Midlothian, Milford, Mineola, Murchison, Nevada, Oak Grove, Oak Ridge, Ovilla, Palmer, Paynes Springs, Pelican Bay, Pilot Point, Ponder, Poynor, Princeton, Prosper, Quinlan, Quitman, Red Oak, Roanoke, Rockwall, Rosser, Royse City, Saginaw, Sanger, Seagoville, Seven Points, Talty, Trinidad, Van, W. Tawakoni, Terrell (outside city limits only), Westminster, Wheatland, Wills Point, Winnsboro, Wylie and Yantis. Family Size 1 2 3 4 5 6 7 Household Income Limit $53550 $61200 $68850 $76500 $82600 $88700 $94850 Have a blessed weekend. Call us at 972-278-3400 when we can be of assistance to you and your buyers. Linda Linda Davidson, Senior Loan Officer, DE Underwriter Service First Mortgage 972-278-3400 office 972-497-6452 fax 1-866-963-3777 Toll Free www.davidsongroup.net Check out our blog: http://lindadavidsonmortgage.blogspot.com