The international markets have finally moved back in and the investor confidence is up again for mortgage backed securities since the announcement of a government bailout. 

This had a direct impact Monday on mortgage rates across the board.  What does this mean to the end consumer?

It means that you should be able to take advantage of those lower interest rates you were looking for.  It might mean you can afford more of a home and get a lower payment.  If anything this should be a wake-up call that consumers are finally in the best position to benefit from both great real estate prices and interest rates.

Well it sounds like Down Payment Assistance might be back but with changes.  Until this does take effect I have been scouring through loan programs looking for good alternatives for clients with little or nothing down. 

The USDA Rural Housing Program is another viable mortgage option to help clients with nothing down. 

Here are the Pros:  100% financing, Zero Down.  No monthly Mortgage Insurance, FHA Mortgage guidelines.

Here are the Con’s:  Home must be in a rural housing area.  This is all of Pinal County and parts of Maricopa County.  So Queen Creek is in place.  Some income restriction apply.

Again, I think the mortgage lender who has workable options to help clients get into homes will win the business at the end of the day. 

Please call me if you are looking for some of these options to discuss your unique situation.