In today’s show we visit with Garry Seidel, manager over at Fulton Mortgage Company to talk about what’s hot and what’s not in the mortgage market as summer 2011 winds down… With the upcoming changes to FHA loans, the maximum loan limit is returning to pre-2008 levels. Rural Housing Service (RHS) home loans will be adding mortgage insurance payments to the principal and interest. Both of these changes are scheduled to go into effect October 1, 2011. I asked Garry to talk about Rural Housing (RHS) loans – how they stacked up as a good option for your typical homebuyer. Garry likes them alot, and feels that with all the changes to FHA loan rules the RHS loans continue to be a better choice, given the two main guidelines: Maximum family income limits and geographic location limits. Lastly, Garry brought up the subject of Lancaster PA mortgage rates and rates in general – he commented that although Bernanke and the Federal Reserve have promised to keep rates down for 2 years, that applies to home equity loans and NOT mortgage rates – an important distinction. Mortgages in Lancaster County and beyond will continue to be driven by market forces and have been fairly volatile recently. Both Garry and I strongly recommend that if you’re interested in buying a home you should get prequalified FIRST and have the conversation with Garry about which loan product and terms will work best for your situation. You can reach Garry at (717) 336-8054 or gseidel at fultonmortgagecompany dot … …

Read more:
Ep. 94 Garry Seidel – FHA Mortgage Changes, All About Rural Housing Loans