[Year-Round Housing] Fwd: Rural Development mortages

[Mlongreene2 at aol.com]

Hi All,   I will contact Bangor Savings in the morning to follow  up on 
this.   Mark
 



  
____________________________________
 From: judyp at tpda.com
To: Mlongreene2 at aol.com
Sent: 4/23/2009 4:31:06  P.M. Eastern Daylight Time
Subj: Rural Development mortages


Hi:

This morning the woman I know from Bangor  Savings was telling me about 
their latest mortgages and they're an  incredible deal. There is a Rural 
Development Loan that covers all local  communities except Portland and 
South Portland. Of the islands, only Long  and Chebeague quality. No 
money down and the rate is 5 1/8%. For $150K  house it comes out to 
monthly mortgage payments of $816.26. Add in  property tax ($825/yr?) 
and mortgage insurance ($40/mo) and subtract the  $8,000 credit from the 
government and it's still cheaper than a lot of  rentals. Two people 
earning $10/hr each can qualify. It's for first-time  home buyers but 
that includes anyone who has not owned a home in the last  3 years. The 
applicants need a credit score of 620 or higher - she said a  lot of 
people's low scores are a result of not having enough credit lines  and 
the best way to improve your score is to have 4 active "trade lines"  
which could include a car loan, credit cards, school loans, etc. Bangor  
Savings has $7 billion dollars to lend right now - Can't see how it can  
get any better than this!

J
____________________________
judy  paolini
tpda
294 brackett st.
portland, me   04102
207.871.1813
judyp at tpda.com
tpda.com





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