News You Can Use from Gary Moore

First Community Mortgage does more Rural Development 100% loans than any other lender in the state of Tennessee, and this week our "buying power" was rewarded with a new deal with investors which allowed us to drop the Rural Development 30-year fixed rate to 4.65%, which is as low as a conforming loan with 20% down.

FCM also happens to be the No. 2 volume lender in Tennessee in Tennessee Housing Development Agency loans, which is the best all-around option for many first-time homebuyers. THDA rates are fixed and are the same with any participating lenders.

Under both these programs---Rural Development and THDA Great Start---as well as VA, buyers can get a 100% loan (with THDA a gift covers the downpayment). If I am serving you as a Realtor and you as buyer/borrower on the loan, I will help you negotiate to get the seller to pay the buyer's closing costs.

In the markets, major stock indexes were down for the third week in a row as volatility increased, and mortgage interest rates head-faked higher before ending the week basically unchanged.

The Dow Jones Industrials closed down about 93 points at 12,512; the S&P 500 lost about 10 points on Friday and closed at 1,333, and the Nasdaq dropped 20 points to end the week at 2,803.

The 10-year Treasury closed at a yield of 3.15%.

In a more fundamental issue about how highly placed and elected government officials interact with large corporations on whom they make key decisions while in government, Congress is inquiring about the latest entry in the revolving door saga. Many members of Congress get hired as lobbyists or corporate advisors as soon as they retire or are voted out of office, and many top Wall Street bankers have been hired by the Obama and other administrations to fill key roles to oversee their former industries.

It's sort of like the fox guarding the hen house. Those are but a few of many examples of the so-called "revolving door" between corporate interests and public service. Most recently Federal Communications Commissioners Meredith Attwell Baker resigned her FCC commissioner post to take a gig as a Comcast lobbyist just four months after she voted to approve Comcast's monopolistic takeover of NBC.

Rep. Darrell Issa of California sent a letter to FCC Chairman Juilian Genachowski inquiring about details of Baker's switch so soon after she voted in favor of the $12.75 billion deal between these Wall Street giants.

Low interest rates and low home prices present an opportunity for real estate home buyers and investors. Call me for details about an investor program that requires only 10% down and has no mortgage insurance.

Gary Moore 615-579-8658, email Gary@BrentwoodHomeLoan.com. Web site: www.BrentwoodHomeLoan.com

*Indicates additional rebates to the borrower. Call for details.

30-Year Conventional Fixed

4.625%* $100,000-$417,000

15-Year Conventional Fixed

3.99%* $100,000-$417,000


30-Year FHA-100% VA

4.5%* $100,000-$393,300


30-Year Jumbo Fixed

5.3% $417,001-$900,000

(Interest-only available-Call me)

Rural Development 100%

4.625%

THDA Great Start 100% with Gift

5.35% $100,000-$393,300

4% of loan amount Gift

Call for free pre-approval and to discover

the best financing for you!

...by Gary Moore

Mortgage Planner, First Community Mortgage

...a subsidiary of First Community Bank

Cell: 615-579-8658  Toll-free fax: 866-321-6513

Quote of the Day
"Never cut what you can untie." --Joseph Joubert

Visit my mortgage website:
http://www.BrentwoodHomeLoan.com