In late 2007, when this was originally made…saddly, it was ahead of its time and more saddly, raised questions that fortold today and now… In 2009, Americans are truley more so… waiste deep in the Big Muddy of it’s worse Crisis…like 1931, those who gave us the crisis now (in 2009) reassure us if only we hold to the same course…that somehow, what they have done to destroy our economy with their looting of the public trust will…they now continue to say is in fact, be what will save us…Senator McCain recently said “we should do nothing…the economy will correct itself…and warns us that trying to solve these problems (like Obama is)…will destroy our country…” Little does a man who can not remember how many homes he owns…know or care for the family loosing their only home…as we have seen…if you listen to the new republican chatter…their loud cries of socialism..if we continue with the same republican, feed the wealthy…let them share the wealth by tipping big to the poor…policies of the past eight years…then, how can we except any different resault???? The dollar continues it’s collapse, more people are loosing their homes, major companies are going out of business, what few factories that remain are closing; good jobs have long disappeared to China or India, we are still invaded by poison toys, our broken borders remain unchecked, a world that still hates us deeply, unsecured ports, a series of never ending wars gone bad; many hundreds of …
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One of the side effects of the subprime mortgage cycle we just went through is that many very solid loan programs went unnoticed and unused because there were “easier” options out there. Now with the disappearance of said subprime loans these “old faithful” loan programs are coming back. One of the best ones to resurface in recent weeks is the Rural Development Loan. The loan was designed to entice home buyers to move into rural, undeveloped areas to buy a new home. They created a government backed loan (meaning the bank is not taking the risk) that is truly zero down and does not have private mortgage insurance (PMI) on it. The rates are very comparable to FHA or conventional rates (6.5%) at the time I am writing this. You will be able to afford about $30000 more in house for the same payment simply due to the fact that there is no PMI. Did you catch the part of about zero down; it is not a typo this loan requires zero down to get into it. So you may be saying it is too good to be true, and asking what is the catch. Well I would be lying if I said that you were wrong about that. But the catches really aren’t that bad. There is an income limit to how much you can make to get a loan like this. It will depend on the size of your family and if you pay child support or not, but for example a family of four in King County is capped at $88400 so it is not too restrictive. The biggest restriction is you have to purchase in areas that the classifies as rural. Now I know what you …
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Last month KETC/Channel 9 attended one of the Brown Bag Series luncheons at University of Missouri – St. Louis. The topic of the luncheon was Facing the Financial Crisis: Using the Media to Address Community Issues. Thomas McPhail, Ph.D., a professor at UMSL, moderated the luncheon. The two panelists were Debbie Irwin, Foreclosure Taskforce Coordinator, and Dale Berenc, Manager of Education Services at KETC. In this video Debbie Irwin talks about how the mortgage crisis initially began because of subprime loans, but now due to the financial crisis more foreclosures are occurring because of job losses.
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One of the side effects of the subprime mortgage cycle we just went through is that many very solid loan programs went unnoticed and unused because there were “easier” options out there. Now with the disappearance of said subprime loans these “old faithful” loan programs are coming back. One of the best ones to resurface in recent weeks is the US Rural Development Loan. The US loan was designed to entice home buyers to move into rural, undeveloped areas to buy a new home. They created a government backed loan (meaning the bank is not taking the risk) that is truly zero down and does not have private mortgage insurance (PMI) on it. The rates are very comparable to FHA or conventional rates (6.5%) at the time I am writing this. You will be able to afford about $30000 more in house for the same payment simply due to the fact that there is no PMI. Did you catch the part of about zero down; it is not a typo this loan requires zero down to get into it. So you may be saying it is too good to be true, and asking what is the catch. Well I would be lying if I said that you were wrong about that. But the catches really aren’t that bad. There is an income limit to how much you can make to get a loan like this. It will depend on the size of your family and if you pay child support or not, but for example a family of four in King County is capped at $88400 so it is not too restrictive. The biggest restriction is you have to purchase in areas that the US classifies as rural. Now I know …
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