“At Gateway Funding ( http://gateway-funding.net ), we provide loans under the USDA Rural Housing Program. There are basically two different types of loans for single family households that are offered under this program- the USDA Guaranteed Rural Housing Loans and the USDA Direct Rural Housing Loans. To know if your area is eligible and also to know more on the income limits to qualify under the program, you could contact our mortgage specialist, who would explain you about the eligibility details” says Gateway Funding Diversified Mortgage Services, LP.

The USDA Guaranteed Rural Housing Loan is the most common type of loan and allows for higher income limits and also for 100% financing for home purchases. Loan applicants under this scheme may have an income up to 115% of the median household income. These are 30 year loans with a fixed rate. The USDA Rural Housing Service shall however charge an upfront fee of 3.5% and also collect an annual fee of 0.5 % on the balance loan amount.

The USDA Direct Rural Housing Loans aren‘t as popular as their counterpart and can be only availed by people from low to very low income households. Very low can be defined as below 50 of the area median and low income is anywhere between 50-80% of the median.

“The best aspect of this loan is that they are not credit score driven, although the applicant has to prove that he or she has a decent record of paying his or her bills on time. These loans neither require down payment nor reserves. Also with a onetime guarantee fee, you can opt out of the monthly mortgage insurance” explains a Gateway Funding Loan Officer. Gateway Funding Inc ( http://gateway-funding.net ). has been providing diversified mortgage services for the past 16 years and is now one of the largest privately held mortgage companies in the US.

To know more about how to apply for qualify for the USDA Rural Housing Program, visit, http://www.gateway-funding.com/

About Gateway Funding

Gateway Funding Diversified Mortgage Services, LP, established in 1994, is one of the largest privately-held mortgage companies in the United States. Gateway Funding is licensed in most states and has office locations across the country to serve you in your mortgage, home finance, refinance and reverse mortgage requirements. Gateway Funding recognize the challenges their clients and borrowers face today and are determined to find the best possible solution for their customer‘s current financial needs.

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“Buying your ´Dream Home‘ is often an emotional decision for almost every one of us. While the emotional aspect of the choice cannot be denied, decisions based entirely on emotions aren‘t always positive. When looking for homes, it is important to consider aspects such as repairs and maintenance, schools, taxes, commuting to and from your workplace, neighborhood etc. If any of these factors conflict with what you were hoping for, there is a large likelihood of a strain on your budget and your happiness” says Dan Catinella of Gateway Funding Inc. Gateway Funding Diversified Mortgage Services, has been involved in helping people with mortgages ( http://gateway-funding.net ), refinance etc. and is the largest privately held mortgage lender in the US.

“Aesthetics are important, but not beyond practical convenience” he adds. According to him, rather than paying absolute attention on the right color choice and deciding of the kind of flooring, pay attention to the practical problems at hand. Is there a school in the neighborhood? If so how much time does it take to travel to the school .Are there kids in the neighborhood that are the same age as your children? How long does it take to travel to your workplace? A beautiful home but far away from your workplace, only means that you have to spend more time and money on commuting. Consider the amount of gas that you would need to spend on your car and then there‘s maintenance as well.

Buying an old home may be a cheaper option but have you factored in, the maintenance costs? Have you always wanted a home with a pool and a garden? Have you considered the cost of pool maintenance and what about the garden maintenance costs? A larger home has a higher cost of heating, cooling, carpeting, etc. Also remember the neighborhood; the value of your home is bound to increase or decrease with the value in the neighborhood. These costs when added to the monthly payments towards the home loan, is sure to cause a huge strain on your budget if you are not careful.

“At Gateway funding, we help people to decide on the appropriate product, that‘s best suited for their financial situation, so that they don‘t have problems with their home loans. You can always discuss with our mortgage specialists on the products and services that are best suited for them” he adds.

To know more on the products and services offered by Gateway Funding, visit, http://www.gateway-funding.com/

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