FHA and USDA loans

I recently have had many questions about FHA and USDA loans and the difference between the programs. Please see the attached documents to see the difference in current programs. Included there is a map of Indio to show where you can still get funding for USDA loans with an Indio address. It is the light yellow box.

Remember you can also get a USDA loan for properties in Coachella, Desert Hot Springs, and parts of Thousand Palms. Call for more details or specific requirements. Homes with pools are NOT eligible.

The jobs report is slowing with the number of job losses for the first time in three quarters! This is good news for the housing market and the slowing of the recession.
Fed Chairman Ben Bernanke said last night that the results from the stress tests on the 19 largest US Banks yielded "encouraging" results and has calmed the Stock markets after yesterday’s sell off.

Mortgage Bonds are also little changed but have managed to weather some early morning profit taking that had pressured prices lower after the recent gains.

If Stocks falter, it would give Mortgage Bonds the momentum needed to push through the overhead ceiling. I can recommend to carefully float for now, but be ready to lock if the market dictates.

Make it a great week! I’m never too busy for any of your mortgage referrals!