| |
loans: USDA Home Loan Underwriting Updates - 07/15/09 09:54 AM
USDA is quickly becoming one of the Country's most popular mortgage loan programs, and with that, the USDA Rural Development Offices are getting backlogged!
USDA Home Loans are 100% (plus) mortgages - for more information about the program click here.
Because of this increase in volume, there have been several recent AN (Adminsitrative Announcements) from them regarding documentation types, and clarification of guidelines.
Gift funds are allowed with USDA Home Loans, however gift funds are not considered as cash reserves, or as a compensating factor. Gift Funds may be used for closings costs, voluntary downpayment, and to cover the guarantee fees, however … (3 comments)
|
loans: New Opportunity for Investors? - 03/16/09 02:16 PM
The Obama administration is due to release details for the "Troubled Assets" on the Bank's books later this week. Those would be the "Mortgage Loans" that went on the bank books in 2006 before all of this mess happened.
It appears to me that the plan fall along the lines of this... If the assets have been sitting on the bank books for an extended period of time, and maybe they have had a few lates on the mortgages, then the government is going to loan money to Private Investors to purchase them. If the loans have been made under the … (9 comments)
|
loans: First Time Homebuyers! Get Your $8000 Piece of the Bailout! - 03/03/09 10:10 AM
There is a silver lining to all of this Bailout Business (thank goodness!) and it applies all First Time Homebuyers! In the recent stimulus package, Congress, and President Obama wrote in a $8000 Tax Credit for First Time Homebuyer's who purchase a home between January 1, 2009 and December 1, 2009 (that's right, the actual law says DECEMBER ONE, so you need to close by November 30, 2009!)
The actual Credit is $8,000 or 10% of the purchase price, whichever is less. It is a CREDIT. This is much different than a Tax Deduction. If your total tax liability came to $6,000, but you … (22 comments)
|
loans: If Your Score is Less than 620 - Interest Rates Are Going UP! - 01/09/09 01:44 PM
Just received an update from a MAJOR investor that credit scores less than 620 are going to be priced SIGNIFICANTLY higher beginning Monday, January 12, 2009.
This is significant for folks who are purchasing, and using USDA or FHA/VA financing tools. The "hits" for scores between 600 and 620 today are .25. Meaning that it costs us almost a quarter of a discount point more to do a loan with those scores. In most cases, this means we can still get a rate of 5% for these folks.
According to the news bulletin, the new cost for doing a government loan … (12 comments)
|
loans: NAR's "Baghdad Bob" Confesses - 12/29/08 09:22 PM
This is just too good to be missed!
Via Matt Heaton (Timu Corp - CEO, ActiveRain - Co-founder):
You remember "Baghdad Bob" from the Iraq War, right? Iraq's information minister who repeatedly claimed no American troops in Baghdad as US tanks patrolled only hundreds of yards from his studio. Well the NAR's very own Baghdad Bob, former Chief Economist, David Lereah was notorious for his bullish optimism during the peak of the housing bubble now admits in a Money Magazine article it was just spin.
As chief economist for the National Association of Realtors, David Lereah was famously optimistic. Now … (7 comments)
|
loans: My Customer Was Interviewed by the WSJ! - 12/16/08 08:11 AM
There's an article regarding the USDA program in today's Wall Street Journal. It's a POSITIVE program, with low default rates, no money down, and no mortgage insurance! Rates (as I write this) are below 5.5%...
and the USDA Mortgage Program is so popular, it's about to run out of money...
I've contacted my Senator to ask him to read the article, which highlights our customer Erick Moore (who has a beautiful wife and one of the smartest 3 year olds on the planet!)! Erick learned about the program from a post I wrote on AR.
I urge you to read the WSJ … (10 comments)
|
loans: How to Get Your 4.5% Mortgage! - 12/03/08 04:08 PM
I can not tell you how many people have told me TODAY that they heard rates are going to 4.5%!!!
From your mouth to God's Ears!
As I write this, rates are close to 5.0%... but it's still quite a stretch to get to 4 ANYTHING... so should you just wait?
The reality is that the mortgage business has gotten pretty L-E-A-N on the "back" side... what I'm saying is that the layoffs (it's estimated that more than 200,000 jobs have been lost in the mortgage business) affected closers and UNDERWRITERS... underwriting times are already over 2 weeks in some places.
… (12 comments)
|
loans: Change in Business Plans - Take out Fear of Financing (ASAP!) - 11/12/08 09:11 AM
This is one of those NO BRAINER wake up calls we all need. I just finished Accountability Coaching - and they reminded me that I need 12 to 20 Exposures every day... not to my real estate partners, but to the PUBLIC. Writing notes, sending personal emails - reminding folks what I do.
Then I should have 3 presentations to Real Estate Partners A DAY... reminding them what I do, and helping them with their marketing!
Well, if you're a real estate partner that I meet in the next few weeks - this is going to be part of what we … (10 comments)
|
loans: USDA Home Loans in Holly Springs, NC - 11/11/08 04:29 PM
Here's a map from USDA showing where you can have a 100% loan, and where you can't use USDA financing. The shaded area in the top right portion of the map does NOT qualify... the rest of it definately does!
This is great news for folks who are looking for homes with NO PMI, and rates that are very close to FHA! The maximum income in Wake County for a single person is $60,250 and the maximum income for a family of four is $86,100.
These are fairly straightforward loans, they allow for gifts to cover closing costs, or the seller … (2 comments)
|
loans: 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)
|
loans: 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)
|
loans: USDA Home Loans Durham County, NC - 10/14/08 12:09 PM
We've had several people interested in obtaining a USDA home loan for property in Durham County. I've put together a couple of maps that should help in identifying areas that qualify for this program. As you might know - it's one of the last TRUE 100% home loans available - and it doesn't have PMI! The rates are comparable to FHA, so it's a very affordable payment! You do not have to have PRESTINE credit, but we generally want to see scores above 580, and 12 months of "clean credit."
USDA does require that the property be located in a less populated … (4 comments)
|
|
|
|
|
|
Eleanor Thorne 919-649-5057 Cary Mortgage Loans
Cary,
NC
More about me…
Steve Thorne NC Mortgage Experts
Address: 111 Corning Road, Suite 230, Cary, NC, 27518
Office Phone: (919) 649-5058
Cell Phone: (919) 649-5057
Email Me
 Listings
Links
Archives
|
;)
;)
;)
