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No Money Down Home Loans for Rural Areas; St Louis Mortgage Interest Rate Update

The USDA Rural Development loan program helps rural communities and individuals by providing guaranteed home loans. Funding is available for single family, owner occupied homes with favorable rates, 30-year fixed terms, and no down payment.

Loan amounts are limited only by the applicant’s ability to repay and the property’s appraised value. No minimum credit score is required, but compensating factors are utilized with scores under 620. Now deserving families have an unprecedented opportunity to become homeowners.Rural Development Guaranteed Loan Program Highlights

  • 100% Financing
  • One-time 3.5% Guarantee Fee (can be financed)
  • No Mortgage Insurance (MI)
  • Credit Scores 620 or above
  • Bankruptcy three years out
  • Income within county guidelines
  • DTI 29%/41%
  • No maximum loan amounts
  • Loans based upon ability to repay
  • Seller can pay closing costs (no limit)

St. Louis MORTGAGE INTEREST RATES for May 4, 2011:

  • Conventional 30-Year Fixed 4.750%/ 5.125% APR
  • Conventional 15-Year Fixed 4.125%/ 4.5% APR
  • Conventional 5/1 ARM 3.500%/ 3.277% APR
  • FHA/VA 30 Year Fixed 4.750%/ 5.375% APR
  • Jumbo 5/1 ARM 3.375%/ 3.252% APR
  • Jumbo 15 yr Fixed 4.00%/ 4.29% APR
  • Jumbo 30 yr Fixed 5.250%/ 5.625% APR

Paramount Mortgage is a locally owned Mortgage Banker; we just celebrated our 40th anniversary. Great rates and programs are secondary to what is most desired in a lender relationship. The most sought-after aspects in this industry cannot be easily translated onto paper…learn more about us here.

For more information or if you have questions on mortgage rates you may contact me by phone at my direct line, (314) 372-4319, email at rfishel@paramountmortgage.com or you can visit our company website at http://www.paramountmortgage.com.

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