Essex Mortgage Bank

Rural Home Buyers Aided by Passage of Housing Funding Measure Apply Now Through Essex Mortgage Bank

One of the nation's last sources of no money down financing for home loans appears to be making a comeback: Legislation that restores a Department of Agriculture home-buying program is headed to President Barack Obama's desk for signature.


Santa Rosa, CA -- (SBWIRE) -- 08/02/2010 -- The restoration of the single-family rural housing program ( ) that would guarantee home loans for rural buyers was passed by the Senate today and is on its way to President Obama.

The National Association of Realtors® has vigorously lobbied to restore funding for the rural program since last March, and hailed this development as a great victory for rural home buyers.

"This is going to be a great lift for thousands of rural home buyers who need to close on their home purchases before Sept. 30 to take advantage of the home buyer tax credit," said NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz. "Many rural families would have been left out in the cold without these guaranteed loans. Increasing the commitment authority will help rural families, support local housing markets, create jobs and generate new tax revenues," Golder said.

"The rural housing program ( ) is a good example of the kind of program needed for responsible and qualified home buyers who bring common sense to the housing market," said Golder. The legislation increases the guarantee fee for borrowers, but allows the fee to be financed. "This change will make the program completely self-sufficient," she said.

A home purchased through the USDA home loan guarantee program must be located in a qualified rural area. Qualified rural area is defined as open country places, and homes in cities with populations of 10,000 or less. Under certain conditions, the home may be located in towns and cities of 10,000 to 25,000 in population. If you have questions regarding whether a potential home is in a qualified area speak with a representative from a USDA Rural Development field office or one of the staff at Essex Mortgage Bank ( ) toll free 1-877-870-2676. For a majority of my local Sonoma County residents this loan was made just for you now is the time to take advantage of it.Below are the areas that will qualify for this loan program. Excluding Santa Rosa up to Larkfield, Rohnert Park/Cotati, City of Sonoma and Petaluma, the rest of Sonoma County is eligible. Included are communities like Healdsburg, Sebastopol, Cloverdale, Windsor, all Russian River area, Graton, and the Sonoma valley along hwy 12 into the city of Sonoma. This program, allows a 6% seller credit, requires no reserves, FICO scores can be as low as 620, and it can be used for a single family home and the best part of it all it requires no mortgage insurance.The normal qualifying income ratios are 29% / 41%. You can exceed these ratios if you have scores above 660 and you don't have to apply for a debt-to-income waiver. Those below 660, you'll have to have compensating factors and apply for an income ratio waiver. The appraisal is done by a HUD certified appraiser and all section one items need to be cleared. Should you have any questions in regards to when this loan will become available the seller down payment assistance and/or your credit and income qualifying ratios feel free to give me a call toll free at 1-877-870-2676 or view more details on this and all of my other loans programs at and ask for branch manager Jeffrey Martino Young

I'm Jeffrey Martino Young ( ) and I'm dedicated to providing you the highest level of service and care. With hundreds of loan programs available, I can find the best one for you at the lowest rate possible! How can I do this you ask? Because I am the bank- No brokering, no middleman, no messing around. The industry's average closing time is over 45 days to close a California first time home buyer mortgage loan. Our FHA direct loan submissions and in house funding give me the ability to close your loan on average in 14 - 21 days.

Press Contact:
Jeffrey Martino Young
Essex Mortgage Bank
1585 Terrace Way, Suite 158
Santa Rosa, CA 95404