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Local Mortgage Company Aids Home Buyers Through Affordable Federally Guaranteed Mortgage
Published: Mon, 21 Jan 2008, 13:46:11 EDT
RALEIGH, N.C. - Jan. 21 (SEND2PRESS NEWSWIRE) -- Not a day goes by without the media reporting on the national mortgage meltdown and tightening guidelines for home loans. But one local mortgage company committed to affordable home ownership for North Carolinians found a way to help rural areas residents become homeowners. Veritas Mortgage Funding, a Raleigh based mortgage firm now offers a great alternative to traditional, more costly mortgages. Through its participation in an emerging USDA Rural Development program, many individuals who look to buy outside of the metropolitan areas are now able to obtain a government backed no money down loan offered at excellent interest rates.
"The Guaranteed Rural Housing program is a natural fit for our mortgage company because it offers low rates and significant savings for home buyers by waiving the down payment and mortgage insurance requirement," said Edyta Rhodes, President of Veritas Mortgage. "By participating in this federally charted program, we assist in making home ownership more attainable to individuals who may not otherwise qualify for a mortgage a where sizable down payment is required. USDA provides the type of unique program that Veritas Mortgage needs to satisfy the growing demands of our marketplace for affordable mortgage loans and breaks new ground for a service that has not been widely offered to home buyers."
Veritas Mortgage is a Raleigh-based mortgage company who emphasizes responsible lending and specializes in helping first time buyers and borrowers requiring low down payment mortgage. The company's effective utilization of technology including on-line application and loan tracking system allows it to pass savings to clients in form of competitive rates and closing costs. Veritas Mortgage is run by an industry expert and an MBA Edyta Rhodes
Rural Development is a division of USDA that handles administration of this federally guaranteed mortgage program. The program offers no money down, no mortgage insurance loans to buyers in suburban and rural areas of NC .
Rural Development program offered through Veritas Mortgage provides the home buyer with a remarkable opportunity to obtain low market rates with the added advantage of not having to pay costly mortgage insurance premium thus decreasing the buyers housing expense or allowing the buyer to afford a larger home. The unique feature of this program is that the Rural Development offers the loan to residents of rural NC areas who meet moderate income requirements and have credit history that indicates reasonable willingness to meet obligations as they come due. What may be surprising to some is that over 70% of NC falls into the rural housing category and the current moderate income for family of 4 in Wake, Durham and Chatham County, $82,350 in Mecklenburg and $68,550 in most other counties.
Comparably, USDA program offers 100% financing with no monthly insurance while the better know FHA requires 3% down requires monthly mortgage insurance payments.
"Our objective is to offer affordable no or low money down home buying opportunity to the largest number of North Carolinians under currently turbulent lending conditions," said Rhodes. "Our participation in the USDA Rural Guarantee represents a major step forward toward achieving that goal. This USDA program complements and enhances efforts of Veritas Mortgage to make the possibility of home ownership available to even more NC residents."
About Veritas Mortgage Funding
The company's credo is "mortgage loans made smarter, faster, cheaper, better", Veritas has built a strong reputation for servicing the lending needs of individuals seeking specialized niche programs such as no or low money down and first time home buyers. Veritas offers expertise in every area of mortgage lending - from purchase to refinance to cash out refinance. Veritas clients have access to the best loan programs available in the market place, apply for loans online 24 hours a day and benefit from the expertise of our dedicated mortgage consultants.
NEWS SOURCE: Veritas Mortgage Funding
Send2Press® is the originating wire service for this story.
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REFERENCES: Local Mortgage Company Aids Home Buyers Through Affordable Federally Guaranteed Mortgage, Veritas Mortgage Funding, USDA Rural Development program, Guaranteed Rural Housing program, Edyta Rhodes, North Carolinians, Jan 21, 2008.
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