Mobile, Alabama USDA Loans

The USDA Loan Program

The USDA Rural Development program supplies $16 billion in funding to Americans in rural areas. Because millions of people qualify for different types of USDA loans, more families are turning to USDA Loans as a lending solution.

We are a private lender specializing in USDA Home Loans. Unfortunately, we cannot help individuals who are looking for Rural Housing Direct Loans through the USDA's programs. Those loans are 100% financed directly through the government. More information can be found here.

However, our specialists can help you determine if you qualify for a USDA Home Loan and help you get a better deal with a no down payment mortgage option.

Most people in rural areas qualify for USDA loan benefits, but people living on the outskirts of a city or in a medium sized town may also qualify.

USDA Loans

I'm really liking these Rural Development Loans. If you don't mind living outside the city limits you cant beat them. The rates are great not to mention 100% financing and no MI. On 04/20/2009 the Feds raised the income limits as well. In Mobile County the limit for a 1-4 person household is $39,600-$73,600 a 5-8 person household $52,250-$97,150 and in Baldwin County the limits for 1-4 in $46,550-$73,600 and 5-8 $61,450-$97,150. I don't agree much with the Feds but this is definitely good for the industry and good for the consumer. To find out if a property is eligible or to read more about the guidelines visit www.rurdev.usda.gov/. Yall have a great day.

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Daily Rate Lock Advisory

Tuesday's bond market has opened in positive territory despite gains stocks. The Dow is currently up 34 points while the Nasdaq has gained 20 points. The bond market is currently up 7/32, which with yesterday's late strength will improve this morning's mortgage rates by approximately .250 of a discount point.

There is no relevant data scheduled for release today or tomorrow, so expect to have any movement in stocks to be the driving force behind bond and mortgage rate swings. If the major stock indexes continue to rise this morning, we may see downward revisions to mortgage rates later today.

The next relevant economic data comes Thursday morning when the National Association of Realtors will post March's Existing Homes Sales. They are expected to show a drop from February's sales. The sister report to this release, March's New Home Sales will be released Friday morning. Both of these releases give us an indication of housing sector strength and mortgage credit demand, but unless they vary greatly from analysts' forecasts, I don't think they will cause much movement in mortgage rates.

We are still looking for Friday's data to cause the most movement in mortgage rates this week. It is by far more important than any of the other weekly or monthly reports being posted this week. We have seen some improvement in rates the first two days, but if Thursday's and Friday's data gives us stronger than expected results we could still close the week with rates higher than opening levels.

If I were considering financing/refinancing a home, I would.... Lock if my closing was taking place within 7 days... Lock if my closing was taking place between 8 and 20 days... Float if my closing was taking place between 21 and 60 days... Float if my closing was taking place over 60 days from now... This is only my opinion of what I would do if I were financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of all/any other borrowers.

Daily Rate Lock Advisory

Friday's bond market has opened in negative territory following a stronger than expected consumer sentiment report and an uneventful morning in stocks. The stock markets are mixed with the Dow up 12 points and the Nasdaq down 9 points. The bond market is currently down 12/32, which will likely push this morning's mortgage rates higher by approximately .125 - .250 of a discount point.

Today's only relevant economic news was the University of Michigan's Index of Consumer Sentiment for April. It was expected to show a reading of 58.5, but today's release revealed a reading of 61.9. While this is not a figure that is likely to drastically move the markets, it does indicate that consumers are more optimistic about their own financial situations than some had thought. That can be considered a negative for bonds because it is believed to mean that consumers are more apt to make large purchases in the near future.

Fed Chairman Bernanke will be making a speech today, but it is not likely to affect the markets or mortgage rates. There is no Q & A scheduled following the speech and I doubt the prepared text will say anything that will be of much interest to the markets.

Next week is fairly light in terms of economic releases. It does bring us a handful of reports but only one can be considered of high importance. The two housing reports may create some interest if they show an unexpected rise in new and existing home sales, but this week's data was clearly more important to the market and mortgage rates.

Unlike many, there is data for release this Monday. March's Leading Economic Indicators (LEI) will be posted late Monday morning. It attempts to predict economic activity over the next three to six months, but is thought of as only a moderately important report. Look for more details on it and the rest of the week's events in Sunday's weekly preview.

If I were considering financing/refinancing a home, I would.... Lock if my closing was taking place within 7 days... Lock if my closing was taking place between 8 and 20 days... Float if my closing was taking place between 21 and 60 days... Float if my closing was taking place over 60 days from now... This is only my opinion of what I would do if I were financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of all/any other borrowers.

Get the best mortgage loan for you

Get the best mortgage loan for you

When you decide to buy a home or refinance a mortgage, it's a big step. You can trust us to find the loan program that's best for you.

Buying a new home is a source of anxiety, frustration -- and a huge sense of accomplishment. You didn't pick the house that was best for someone else, you picked the one that's right for you! Trust our professionals to find the mortgage loan that best fits your needs, too. "Less paperwork and more personal attention" means you enter a frustration-free zone from application to decision. Getting the right mortgage loan is like getting the keys to your new house! We can help you get there.

Refinancing your current mortgage has never been easier. If you thought refinancing meant getting buried under mountains of paperwork, think again! We make it easy and worry-free to reduce your interest rate and monthly payment. We can even help you pay down your balance more quickly for comparable monthly payment. Let our professionals guide you to the very best refinanced loan!

Tapping into your home equity is easier than ever before. You've been paying down your balance, and property values have gone up! Tap into that wealth and reward yourself. We'll help with the best program to fit your goals.

Our mortgage professionals give you the personal attention you deserve and treat you with the respect due a valued customer. We understand you're making a commitment in buying a new home, refinancing a mortgage, or cashing out your home equity. So we make a commitment to you. We will help you qualify, apply and be approved for the right mortgage loan for you. Not anyone else!

Please navigate our website to learn more about us, what we do for you, and how easy it is to get started.

Are you Pre-Approved?

Should you talk to a mortgage professional before house hunting? Absolutely! Even if you haven't so much as picked out houses to visit yet, it's important to see your mortgage professional first. Why? What can we do for you if you haven't negotiated a price, and don't know how much you want to borrow? When we pre-qualify you, we help you determine how much of a monthly mortgage payment you can afford, and how much we can loan you. We do this by considering your income and debts, your employment and residence situations, your available funds for down payment and required reserves, and some other things. It's short and to the point, and we keep the paperwork to a minimum! Once you qualify, we give you what's called a Pre-Qualification Letter (your real estate agent might call it a "pre-qual"), which says that we are working with you to find the best loan to meet your needs and that we're confident you'll qualify for a loan for a certain amount. When you find a house that catches your eye, and you decide to make an offer, being pre-qualified for a mortgage will do a couple of things. First, it lets you know how much you can offer. Your real estate agent will help you decide on an appropriate offer, but being pre-qualified gives you the confidence to know you can follow through. More importantly, to a home seller, your being pre-qualified is like you walked into their house with a suitcase full of cash to make the deal! They won't have to wonder if they're wasting their time because you'll never qualify for a mortgage to finance the amount you're offering for the home. You have the clout of a buyer ready to make the deal right now! You can always use the calculators available on our site to get an idea of how much mortgage you can afford -- but it's important to meet with us. For one thing, you'll need a Pre-Qualification Letter! For another thing, we may be able to find a different mortgage program that fits your needs better.