April 27, 2004--"Since President Bush announced the zero down payment programs on FHA home loans we have helped hundreds of first time buyers with their new homes," states Al Arroyo V.P. of GoldMedalMortgage.com

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"So many families do not realize that there are programs available to help them buy their first home. Renters have been conditioned mentally to believe that they need a large lump sum to make a real estate purchase."

"But President Bush, as part of his ongoing effort to help American families achieve the dream of homeownership, announced in January that HUD, the nation's housing agency, would offer "zero down payment" mortgages."

"This is the most significant initiative by the Federal Housing Administration in over a decade and it removes the statutory requirement of a minimum three percent down payment for FHA-insured single-family mortgages.

"Lack of funds for a down payment has been the greatest obstacle facing first time home buyers, this barrier has now been removed," continues Arroyo.

In January Federal Housing Commissioner John C. Weicher stated "This initiative would not only address a major hurdle to homeownership and allow many renters to afford their own home, it would help these families build wealth and become true stakeholders in their communities."

"Offering FHA mortgages with no down payment gives the keys to home ownership for hundreds of thousands of American families. With this, and many other programs available, combined with low interest rates there may never be a better time for families to acquire their first homes," concludes Arroyo.

GoldMedalMortgage.com, powered by Desert Valley Properties and First Source Financial, is a nationwide mortgage lender that specializes in programs for the first time home buyer.

In addition GoldMedalMortgage.com offers debt consolidation loans, home improvement, and home equity.




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