The Housing Wire reports on Uncle Sam:
Mortgage lender Total Mortgage Services is growing its product offerings for rural borrowers by employing the Guaranteed Rural Housing Loan Program into its product offerings.
The program is insured by the U.S. Department of Agriculture.
Why? Because they haven't heard of the housing crash:
The adoption of the rural housing program allows the lender to offer low and moderate-income residents living in rural areas affordable housing finance options, including instruments where no down payment is required, 30-year-fixed rates, no requirements for monthly insurance premiums and closing costs that can come in varying forms, including gifts.
“The USDA home loan program is one of the most compelling mortgage products in today’s challenging mortgage marketplace and offers real solutions for rural borrowers, especially those in need of 100% financing or with lower credit scores," said John Walsh, president of Total Mortgage.
Got that? More leverage than the riskiest hedge fund thanks to Uncle Sam. Isn't time to separate housing from state?
