Capital Mortgage Funding Offers Rural Development Loans for Community Banks

Online, February 24, 2010 (Newswire.com) - Capital Mortgage Funding offers a high touch, customer service oriented- wholesale and outsource solution to Rural Development lending for Community Banks. This program offers 100% financing in designated areas. Here are some of the programs highlights:

•No down payment. Provides 100% loan-to-value financing for existing homes based on appraised value.
•Closing Costs may be financed into the loan amount or paid by the seller up to a maximum of 6% of the property's purchase price.
•No monthly mortgage insurance required. One time guarantee fee of 2.00% of the amount financed.
•Fully amortized 30-year fixed rate loan.
•Less up-front cash-to-close requirements than conventionally insured or FHA loans.
•No pre-payment penalty for paying off your mortgage early.

Check out USDA's website to see which areas are eligible for RD loans.

http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do

Also check USDA's website for income requirements by state.

http://eligibility.sc.egov.usda.gov/eligibility/incomeEligibilityAction.do?pageAction=state&NavKey=income@11

For further information please contact John Teweles, Senior Vice President Director of Financial Institutions aat 800-359-9728 x1211 or by e-mail, [email protected]