Effective 01/18/2012, the Household Income Limits were increased for the USDA Guaranteed Rural Housing loan for the State of Mississippi.

1-4 person household:  $74,750 (increased from $74,050.00)

5-8 person household:  $98,670  (increased from $97,750.00)

This applies to ALL Mississippi Counties! 

For more information please contact DOUG CAPPS at (662) 429-5100 ext. 105.  NMLS ID #68160.

Fairway Independent Mortgage Corporation, 224 West Commerce St, Hernando, MS 38632 is a "MS and TN Licensed Mortgage Company." NMLS ID #2289. An Equal Housing Lender. All loans are subject to credit approval and compliance with investor guidelines.  Fairway Independent Mortgage Corp is not affiliated with USDA Rural Development.

Know your mortgage options!

If you are interested in purchasing a new home, then don't forget about the Home Loan Plus Grant!  The MS Home Corp Home Loan Plus provides grants up to $14,999.00 to qualified low income individuals to purchase homes.

Currently, there is over $3.4million available for grants.  Restrictions and household income limits do apply.

Here is the website for more information:  www.mshc.com/hlp

For more information please contact DOUG CAPPS at (662) 429-5100 ext. 105.  NMLS ID #68160.

Fairway Independent Mortgage Corporation, 224 West Commerce St, Hernando, MS 38632 is a "MS and TN Licensed Mortgage Company."  NMLS ID #2289. An Equal Housing Lender.  All loans are subject to credit approval and compliance with investor guidelines.

Know your mortgage options!

The MS Home Corp Home Saver program assists homeowners by making mortgage payments who have lost their job or experienced a reduction in income through no fault of their own due to the economy and are at risk of default or losing their home to  foreclosure.  Restrictions apply.

Click the following link for more information:  www.mshomesaver.com.

For more information about mortgage financing, please contact DOUG CAPPS at (662) 429-5100 ext. 105.  NMLS ID #68160.

Fairway Independent Mortgage Corporation, 224 West Commerce St, Hernando, MS 38632 is a "MS and TN Licensed Mortgage Company."  NMLS ID #2289. An Equal Housing Lender.  All loans are subject to credit approval and compliance with investor guidelines.

Know your mortgage options!

Finally some good news for Veterans!

On November 21, 2011, the President signed HR 674 which reduces the VA Funding Fees associated with VA Home Loans. This new fee structure will be in effect for loans closing after 11/22/2011 until 09/30/2016.

This will help reduce costs for Veterans purchasing a home. Some good news!

Keep in mind that the VA Funding Fee is waived for Veterans that are receiving at least 10% VA disability.

Click this link for the funding fee chart.

For more information please contact DOUG CAPPS at (662) 429-5100 ext. 105.  NMLS ID #68160.

Fairway Independent Mortgage Corporation, 224 West Commerce St, Hernando, MS 38632 is a "MS and TN Licensed Mortgage Company."  NMLS ID #2289. An Equal Housing Lender.  All loans are subject to credit approval and compliance with investor guidelines.

Know your mortgage options!

The USDA Guaranteed Rural Housing (GRH) loan program has seen some recent changes which became effective 10/1/2011 – decreasing the Funding Fee back to 2.00% and the implementation of a new Annual Fee (much like monthly mortgage insurance).  Even with these changes, the USDA GRH loan is one of the best mortgage options available to many borrowers. 

1. NOW FUNDING – USDA has begun issuing “Subject to conditional commitments” and as in the prior years, Fairway Mortgage will continue to CLOSE and FUND USDA loans during this period! 
2. USDA Rural Development have TWO different loans – Rural Development loans are broken down into two different loan types:  USDA Guaranteed Rural Housing (GRH) Loans and USDA Direct Loans (Section 502 Single Family Direct Loan).  USDA GRH loans are originated through local Lenders, Banks and Brokers.  The USDA Direct Loan is originated directly through the USDA local offices.  There are distinct benefits of each program.
3. 100% Financing – NO down payment.  Can go up to 102% with financing the 2.00% USDA Funding Fee.
4. NEW Annual Fee – Compared to FHA and conventional mortgages, mortgage payments on USDA loans are LESS even with the new Annual Fee.  The .30% annual fee is calculated as follows:
1. Initial fee for the first year will be based upon the loan amount and escrowed into the borrower’s mortgage payment.
2. The fee will be calculated annually based upon the unpaid principle balance.
3. Annual fee will paid for the life of the loan.
5. Finance Closing Costs – Borrower’s closing costs/pre-paid items can be financed into the loan as long as there is room between the purchase price and the appraised value.  NO other loan program allows for this!
6. NO Loan Limit – Unlike FHA or Down Payment Assistance programs, GRH loans have no maximum sales price limitation.  The maximum sales price allowed is determined specifically by the borrower’s financial situation (income limits do apply:  family unit 1-4 = $74,050.00 and 5-8 = $97,750.00).
7. NO First-Time Home Buyer Requirement – You don’t have to be a first-time home buyer to benefit from this program.  Under certain circumstances, you can even own another home!
8. NO Limit to Seller Contributions – Most lenders/investors stick to the 6% rule.
9. Appraisal Requirements – The appraisal requirements for RD loans are similar to standard conventional loans. 
10. In-groundPools – In-ground pools are allowed “as long as” the pool does not have any contributing value to the appraisal.  Any contributing value must be reduced from the sales price or the difference paid by the borrower.
11. Prohibited Loan Purposes - Please reference AN 4590.  This Administrative Notice covers:  Outbuildings, Farm land, Eligible/Ineligible facilities, Income- producing land or buildings. Acreage and site value limitations.

For more information please contact DOUG CAPPS at (662) 429-5100 ext. 105.  NMLS ID #68160.

Fairway Independent Mortgage Corporation, 224 West Commerce St, Hernando, MS 38632 is a "MS and TN Licensed Mortgage Company."  NMLS ID #2289. An Equal Housing Lender.  All loans are subject to credit approval and compliance with investor guidelines.

Know your mortgage options!

USDA UPDATES

USDA has advise in an unofficial memo, that effective 10/1/2011, USDA will not issue “subject to conditional commitments” as they normally do every year. They have funds that will last through the end of the month, so all loans with conditional commitments by 9/30/2011 will be ok, and can fund AFTER 9/30/2011.

On October 1^st, however, they will stop issuing commitments until congress approves their budget (even though it’s a self-funded program congress needs to approve) and funds are loaded into their system. USDA anticipates this could delay loans 2 weeks from getting clear commitments.  So what does this mean?

1.     Loans closing within the first two weeks of October may not happen since clear commitments will not be issued (Estimation from USDA- again non official).

2.     We can still underwrite, approve files, AND Branches can still send the files to their Local RD offices, but they will sit and wait until the funds have been uploaded into their system and a clear commitment can be provided

3.     Remember, WE ARE ALL In the SAME BOAT. NO other competing lender will be able to close ANY USDA loans without a clear commitment.

For more information please contact DOUG CAPPS at (662) 429-5100 ext. 105.  NMLS ID #68160.

Fairway Independent Mortgage Corporation, 224 West Commerce St, Hernando, MS 38632 is a "MS and TN Licensed Mortgage Company."  NMLS ID #2289. An Equal Housing Lender.  All loans are subject to credit approval and compliance with investor guidelines.

Know your mortgage options!

Some good news...  VA will be reducing the funding fees for Veterans. 

Changes to VA Funding Fee  

 Subsequent Use of Entitlement for all:

·         Loans closed from 10/01/2011 – 09/30/2012 = 2.8%

·         Loans closed from 10/01/2012 – 09/30/2013 = 2.15%

·         Loans closed on and after 10/01/2013 = 1.25%

For more information about the VA home loan or mortgage financing in general, please contact DOUG CAPPS at (662) 429-5100 ext. 105.  NMLS ID #68160.

Fairway Independent Mortgage Corporation, 224 West Commerce St, Hernando, MS 38632 is a "MS and TN Licensed Mortgage Company."  NMLS ID #2289. An Equal Housing Lender.  All loans are subject to credit approval and compliance with investor guidelines.

Know your mortgage options!

There are some changes to the USDA Guaranteed Rural Housing (GRH) loan that are taking effect on 10/01/2011.   

Loans that are not issued a USDA commitment letter prior to 10/01/2011 will be subject to the new annual and up-front fees.  So that means by 09/30/2011!

With only 36 days remaining, please let your borrowers know they need to act NOW!

Here is an example reflecting the new changes:

Notes:

(1)    Decreased guarantee fee from 3.5% to 2.00% (which can still be financed into the loan – 102%)

(2)    30 year fixed rate is for demonstration purposes only.   

(3)    Implementation of a .30% annual fee (like monthly mortgage insurance) which will be calculated as follows:

1. Initial fee for the first year will be based upon the loan amount  and escrowed into the borrower’s mortgage payment.
2. The fee will be calculated annually based upon the unpaid principle balance.
3. Annual fee will paid for the life of the loan.

(4)    Monthly payment only reflects principle/interest/ annual premium.

If you have any questions about these changes or with the USDA GRH loan, please let me know.

For more information about mortgage financing, please contact DOUG CAPPS at (662) 429-5100 ext. 105.  NMLS ID #68160.

Fairway Independent Mortgage Corporation, 224 West Commerce St, Hernando, MS 38632 is a "MS and TN Licensed Mortgage Company."  NMLS ID #2289. An Equal Housing Lender.  All loans are subject to credit approval and compliance with investor guidelines.

Know your mortgage options!

And more good news! 

Desoto County, Mississippi ranked 7th in the Top 25 counties that have experienced the most job growth over the last 10 years -  CNN Money"Where the jobs are." 

Congratulations to Desoto County!

For more information about mortgage financing, please contact DOUG CAPPS at (662) 429-5100 ext. 105.  NMLS ID #68160.

Fairway Independent Mortgage Corporation, 224 West Commerce St, Hernando, MS 38632 is a "MS and TN Licensed Mortgage Company."  NMLS ID #2289. An Equal Housing Lender.  All loans are subject to credit approval and compliance with investor guidelines.

Know your mortgage options!