USDA Rural Housing 100% Loans

Please check out the below link for rural housing loans. Counties that qualify for program are Barrow, Walton, Cherokee and Forsyth.


http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do

Fannie Mae and Freddie Mac

Government Bailout

How does this affect you?

from my broker Dana Bauguss

As you no doubt know, the federal government yesterday took significant action with regard to Fannie Mae and Freddie Mac. At the outset, Treasury advised that they decided to place the GSEs into conservatorship because the GSEs would not be able to meet their mission on a going forward basis and had begun to sell assets. Treasury further advised that, as a result of the actions taken today, the GSEs will not be under any pressure to sell assets, and that Treasury's actions today will begin to reverse the mortgage cycle and build confidence in the GSEs and the mortgage market. Our view is that: --in the short term the move will provide stability to the mortgage market by easing capital concerns at Fannie and Freddie --Many believe, including NAR Chief Economist Lawrence Yun, that the Treasury move could reduce mortgage interest rates in the short run. --We believe that the new management at Fannie and Freddie will keep its business partnerships intact --Through 2010, the Dept of Treasury plans to grow Fannie and Freddie’s portfolios; i.e. the intent appears to be to expand Fannie and Freddie business, at least during the housing downturn --We think that Fannie and Freddie may actually loosen up credit standards to help stimulate the mortgage market --Concerns about stable domestic and foreign debt investment in the GSEs was likely the primary driver for the fed move. Longer term: It seems that the Treasury plan basically reverts Fannie and Freddie to a facility for federally backed mortgage debt. The Treasury theory appears to be to employ the GSEs as a counter cyclical model -- when times are tough they will ratchet up the companies; when the environment is more "normal" they will ratchet back and let the private market carry the ball. Regarding the future structure of Fannie/Freddie: Next year Congress and the new administration and all interested parties will be consumed with the question of what the post conservator GSEs look like. Here are the main facts regarding the federal action:
1. Conservatorship Fannie Mae and Freddie Mac are placed into conservatorship immediately. (No change in status for the Federal Home Loan Banks.)
2. GSE Portfolios To promote market stability, the GSEs will be allowed to increase their MBS portfolios through the end of 2009. However, starting in 2010 the portfolios will gradually be reduced at a rate of 10% per year through run-off, eventually stabilizing at a much lower size.
3. Treasury Preferred Stock Agreement Treasury and the Federal Housing Finance Agency (FHFA) have established a Preferred Stock Purchase Agreement to ensure that each company maintains positive net worth. These agreements are intended to provide security to GSE debt holders and MBS investors. In exchange, Treasury receives a senior preferred equity share and warrants to protect taxpayers - common and preferred shareholders will bear any potential losses ahead of the government's senior preferred shares.
4. Secured Lending Credit Facility Treasury has established a new secured lending credit facility which will be available to Fannie Mae, Freddie Mac, and the Federal Home Loan Banks. This facility is intended to serve as an "ultimate liquidity backstop." This facility will expire on December 31, 2009.
5. Treasury Program to Buy GSE MBS Later this month, Treasury will be initiating a temporary program to purchase Fannie Mae and Freddie Mac MBS. Such purchases will be made as appropriate. The program will expire on December 31, 2009.

Georgia Dream program Providing Down Payment Assistance for GA residences.

Thinking of owning your own home? The Georgia Department of Community Affairs helps homeowners obtain this goal.

Program includes assistance for teachers, community workers, military families, community workers such as policemen, firemen etc. There is even down payment assistance for folks woth special needs.

There are income limits based on the number of dependents the homeowner claims. Each program is a little different but a good example is:

1 to 2 dependents income limit $68,000
3 or more dependents income limit $78,000


For more information n this wonderful program please contact Gina Roberts with Chase Mortgage at 770-540-6471 or visit their website:

http://www.dca.state.ga.us/housing/Homeownership/programs/GeorgiaDream.asp