MortgageIndy Blog

In a world where 100% financing has all but disappeared, USDA Rural Housing is a ray of sunshine in a very gloomy mortgage market.  Can you imagine a mortgage program that requires no down payment and no monthly mortgage insurance?  Not possible these days, right?  Wrong!  That is exactly what Rural Housing offers. That is of course if you meet the criteria and wish to purchase in an allowable rural area.  You also get FHA like interest rates to boot! 

What areas you ask?  Marion County is out, but many parts of Boone, Hendricks, Hamilton, Hancock, Morgan, and Johnson do apply.  There are income restrictions and home buyer education requirements as well.  So if you need financing for an out of Indy property, check out the USDA Rural Housing program. 

Frank Gageby

Stonegate Mortgage Corporation (A delegated Rural Housing Lender)

The past weekend bombshells regarding Lehman, Merrill Lynch, and AIG rattled the financial markets.  Nobody yet knows what the long term ramifications of these developments will bring.  From a interest rate perspective, near term rates could get a nudge downward.  We are seeing mortgage rates hold steady to slightly better today.  We are also starting to hear some talk of a possible Fed rate cut as a result of the latest developments.  Stay tuned, maybe a ray of sunshine will come out of this gloom in the form of lower rates. 

Frank Gageby

Stonegate Mortgage Corporation 

With the coming elimination of Ameridream and Nehemiah, Stonegate Mortgage is introducing an even better replacement.  True 100% financing!

With the creation of the Easy Access 103% Program, true no money down financing is back.  This exclusive program does not require a down payment and allows up to 3% in closing costs and prepaids to be financed into the loan.  This is a conventional program that does not require seller participation.

Email or call for the latest details about this exciting new program.

Frank Gageby

Stonegate Mortgage Corporation