Now Available - True 100% Home Loans

The Section (502) Guaranteed Home Loan Program offers many advantages over FHA, VA & Conventional loan programs. Below are the general guidelines for the Guaranteed Home Loan Program:

Ø No Down Payment – 102% Loan w/ a 640+ Credit Score

Ø Mortgage Insurance is only .33% = Lower Payment

Ø No Cash Reserve Requirement

Ø No limitation to the purchase price or loan amount

Ø May finance up to 100% of the appraised value for closing costs assuming purchase price is less than 100% of appraised value

Ø Down Payment Assistance from nonprofit is acceptable

Ø No limits on “Gifts” and up to 6% seller concessions/seller paid closing costs

Ø Higher income applicants now qualify for the Guaranteed Loan Program

Ø Loan Types: Purchase or refi

Ø Property Types: Single family, Townhouse and Condominium 

Ø Reasonable credit history requirements of 640+

Ø Must be employed steadely for 1 year and show that they can afford monthly housing expenses

Ø Must be a primary residence

Ø Declining Market(s) and Lender reluctance not an issue

Ø 30 yr fixed loan term - Current Max Rate 4.25% (9/22/11)

If you have a reasonable credit history and the ability to afford a mortgage payment, you too are a candidate for a USDA Rural Development home ownership loan. With the help of funding provided by the American Recovery and Reinvestment Act, eligible home buyers can become one of more than 50,000 Americans realizing their dream of home ownership. Below are some of the highlights and qualifications of this unbelievable program...Those who miss this opportunity are going to regret it. Take advantage while you still can!

Has your purchase power been limited by the following?

Ø You don't have enough for a down payment

Ø Your credit score is below 700

Ø You have little or no assets

Ø Your employment history is inconsistent

Ø The Property is located in a Declining Market (as is virtually every county except Fairfax)

Ø The lender required 5% to 15% more down to close and fund the loan

Ø You were denied or suddenly did not qualify due to payment increase (rate adjustments & MI)

Ø Seller concessions and/or gifts were not acceptable by lender

Ø There was a lack of communication and transparency during the entire process

Ø Closing took too long breaching the contract

Ø You are paying more for rent now than you would a mortgage on a better home...

So…did you answer “yes” to any of the above? Don't give up! We can help you!

North South Financial, LLC provides the expertise, resources and tools that are absolutely vital in today’s mortgage industry. We focus in brokering USDA, Conventional, VA and Jumbo loans.  We have the experience and efficiency home buyers need w/ out costly consulting and biased middlemen. Most importantly we specialize in educating our clients on loan options and solutions that best meet their needs, not ours.

North South Financial provides a true and comprehensive picture of our clients’ home purchasing power as well as their financial soundness. Our services help to leverage our clients buying power, opening the door to better loan programs, rates and terms. NSF is based on a state of the art platform providing a secure and seamless process, realtime updates and open communication to all parties involved.

NSF goes way beyond placing clients into loan programs that best meets their needs. We provide services such as 72 hour all bureau credit fix, rescore and supplements, "the credit wizard", personal financial profiles, real-estate and financial consulting, etc.  NSF uniquely provides our clients the services they require in order qualify and receive the best loan possible. If a client has been previously denied and can’t get approved, they soon will be with our help.

Are you still wondering how the USDA program works?  Below are some excerpts from a recent article relating to The USDA Guaranteed Loan Program...

"The program has partnered with selected brokers and lenders in all states who will promote the program and fund the loans with a repayment guaranty from the USDA, if ever the loan should default. This offers lenders confidence in providing loans to qualified candidates who meet the USDA Rural Development underwriting guidelines..."

"A USDA Rural Development home loan offers qualified borrowers a chance to obtain a home loan with easier qualifications and financing options than other conventional loans."


"The Recovery Act investments in the 502 guaranteed loan program will provide assistance to those impacted by the recession, preserve jobs and promote economic recovery. Banks and other financial institutions are reluctant to lend money in the current economic environment, a reluctance that is lessened when the loan has a guarantee backed by the full faith and credit of the Federal Government. The lack of available credit to purchase a home, combined with the number of foreclosures in the market, is negatively impacting the housing industry as well as other sectors of the economy. Recovery Act 502 Guaranteed loan funds will encourage private sector lenders to make affordable home loans in rural America.

If you have a reasonable credit history, and the ability to afford a mortgage payment, you too are a candidate for a USDA Rural Development home ownership loan. With the help of funding provided by the American Recovery and Reinvestment Act, eligible home buyers can become one of the fortunate Americans realizing their dream of home ownership.

Recovery Act home ownership funds remain abundant. USDA Rural Development is encouraging home buyers with low to moderate income to consider using one of its lending products to realize their dream of affordable home ownership. “USDA Rural Development’s home ownership programs are reaching milestones this year.

Higher income households can qualify for USDA Rural Development’s Guaranteed Rural Housing Loan program, which can be obtained through participating lenders.

With a fixed rate and 30-year term, these loans are backed by the Government, therefore there is a one time funding fee at time of purchase, which is wrapped into the loan. This gives home buyers more buying power. Interest rates vary by lender and the rate is locked-in between the buyer and lender upon ratification of contract.

This program is specialized for low to mid-income families.  Here are the current income limits for the Northern Virginia and Blue Ridge areas:

Max Income Limits per County/ Family	1-4 Person Income Max	5 - 8 Person Income Max
Washington DC	$92,000	$121,450
Arlington	$92,000	$121,450
Alexandria	$92,000	$121,450
Fauquier	$92,000	$121,450
Prince William	$92,000	$121,450
Spotsylvania	$92,000	$121,450
Clarke	$92,000	$121,450
Culpeper	$80,500	$106,250
Warren	$80,500	$106,250
Orange	$75,450	$99,600
Winchester	$73,800	$97,400
Madison	$73,600	$97,150
Rappahannock	$73,600	$97,150
Madison	$73,600	$97,150
Shenandoah	$73,600	$97,150
Richmond	$73,600	$97,150
Page	$73,600	$97,150

Want to learn more and get pre-approved?  Rates are historically low, but they won't last forever... So call now, we are here to help.

Most Sincerely,

Brooke H. Gilliam
CEO/MM #271956
North South Financial, LLC License MC-5334
Direct: 540-454-4950
www.bggilliam@msn.com