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johnston: USDA Mortgages and Risk Based Pricing - 07/08/09 03:37 PM
Risk Based Pricing is a term now used by mortgage lenders to refer to how mortgage loans are Priced.
A mortgage with a higher risk to the bank has a higher price, or interest rate. A loan with a lower risk of default for the back, has a better price / rate.
There are several factors that currently make up the "risk" matrix. Here are a few of the items that might affect the rate:
Borrower Credit Score and Capacity to make payments (Debt to Income Ratio/ DTI) Property Condition and Location Documentation Type (did you provide income documentation and asset … (2 comments)
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johnston: It's EASIER To Qualify For a USDA Mortgage Today! 5/1/09 - 05/01/09 09:32 AM
USDA Home Loans have "special" qualifying guidelines that prohibit folks from purchasing if you make "too much" money!
In the past, that means that if you make more than the median income for your area - you might not qualify... but some recent "tweaks" to the system will allow more folks to qualify!!
Effective Immediately, USDA is looking at income "brackets." This means that if there are 1-4 people in the household, the maximum household income for Wake County, Johnston County is $88,400! To find out more about income rquirements for YOUR area, click here.
It's important to remember that USDA … (9 comments)
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johnston: FHA Loan Limits Change in the Triangle 1/1/09 - 11/10/08 12:44 PM
EDIT! These loan limits CHANGED AGAIN on 2/24/2009. FHA limits as of THAT date in Wake County are now back to $295,000
According to the calculations done by HUD, and released in their recent Mortgagee Letter, the maximum FHA loan limits in Wake County will be $271,050 effective January 1, 2009.
If you are considering a purchase, you need to act soon, so that you can CLOSE BEFORE THE END OF THE YEAR.
Not only will the FHA loan limits be going DOWN from the current $295,000 - the amount of money needed for downpayment is going UP!
ALSO effective January 1st - the FHA … (11 comments)
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johnston: The $7500 Downpayment Gift - 11/07/08 12:16 PM
Maybe you heard that Uncle Sam, who has been giving money out to just about EVERYBODY lately, has a check waiting for you... if you buy a house before next summer!
What is it? How does it work?
This is a tax credit and not tax deduction. It is a true dollar for dollar reduction on taxes owed.
The credit can result in a true tax refund! If, for example, you were to get back zero on your 2008 taxes and you qualify for the full $7,500 credit, you would then receive a tax refund for $7,500.
The tax credit is … (9 comments)
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johnston: Financing Options For Purchasing Foreclosure Property - 11/06/08 11:32 AM
THIS IS AN UPDATED POST... See $100 Downpayment Change!!!
There are tons of people who know that we are at or near the bottom of the real estate market, and they are ready to purchase a home. Many of the folks we are talking to are looking at foreclosed property, because they believe they can get the best deals.
There are some special points you should remember:
Many Banks will not finance manufactured housing. We have Investors that do - however, there are restrictions. If you are considering a mobile home, foreclosure, please tell your mortgage lender about the … (10 comments)
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johnston: How Underwriters Currently Treat Income for VA Loans - 10/30/08 07:34 AM
We are fortunate to live near several Military Bases, and we are working with several folks who are using their VA benefits to purchase homes. Mortgage loans backed by the Veterans Administration are 100% loans based on the homes value, and do not generally carry location restrictions like USDA loans do...
We sell our loans to many different banks, and this give us great pricing and great flexability... and is also showing us that underwriters are looking at BAH and BAS pay (along with other income) differently across the board. Since this definitely affects how much home you can qualify to … (7 comments)
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Eleanor Thorne 919-649-5057 Cary Mortgage Loans
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