“The Number of USDA Mortgages Continue to Fall”
I continue to read that USDA loans continue to fall and that has also been the case in my practice but, is there any wonder? There are a number of reasons such as, there are less allowable towns, there was recently an increase in the fee (it was 2% and now 2.75%) and the guidelines continue to be more restrictive. The truth is this is all by design.
This type of loan has had the lowest default rate in spite of requiring NO money down. Same is the case for VA loans, again no money down, again the same minimal default rate. The majority of these borrowers pay their bills especially their mortgage.
This is just another way to reduce home ownership. How does this make any sense and yet we keep hearing that our leaders are focused on creating more home ownership. Do you thing they are making this stuff up?
Hopefully, once there is a new President in office we get back to removing many of the restrictions that are hampering home ownership. Do you see that happening?
Image courteesy of renjithkrishnan/freedigitalphotos.net
Subscribe to my blog via Email:
Joe Petrowsky, NMLS #6869
Right Trac Financial Group, Inc. NMLS #2709
110 Main St.
Manchester, Ct. 06042
Office: 860 647-7701 x116
Fax: 860 647-8940
Cell: 860 836-9294
Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.
Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.