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usda home loan: Things to avoid Before Buying A Home - 07/13/11 11:52 AM
Many new homebuyers make the mistake of rushing out to buy things to fill their home with as soon as the seller accepts their purchase offer and the lender pre-approves their loan. But there are still a few major hurdles to overcome before the keys are handed out. Don't Shoot Yourself in the Foot! Here are some things to avoid during the home buying process to assure your transaction goes as smoothly as possible:
Don't make an expensive purchase. It may be tempting to order that new sofa for your soon-to-be living room, but its best to avoid making major purchases … (5 comments)
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usda home loan: What does Rapid Rescore Mean To Buyers in NC? - 03/14/11 06:37 PM
Let's say you are ready to purchase a home in NC, and you meet with a loan officer... and they say that your credit score is 610. ARRRGGH! Depending on the mortgage loan that you are applying for, you are probably JUST UNDER the score you need! Now what do you do?
Your loan officer might have access to a Score Analyzer (we do!) - which will tell you which accounts need to be closed, which ones need to be paid off, and which accounts need to be paid down. Then, the loan officer might offer to do a Rapid Rescore … (5 comments)
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usda home loan: Basic Mortgage Loan Underwriting Concerns in 2010 - 10/25/10 11:29 AM
It's true that Underwriting Guidelines for Mortgage Loans are tougher right now than they have been in decades. But people are STILL able to purchase homes and get a mortgage loan! 8o) The most important thing for folks to remember is that they need to talk to a mortgage loan officer EARLY in the process... and speak with one that is familiar with YOUR STATE.
North Carolina was the first state to adopt Predatory Lending Guidelines. This means that we have our own, NC State "Applied" Mortgage Loan Guidelines. Because of that, you need to speak with a loan officer … (2 comments)
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usda home loan: 4 Things To Do Before Buying Your First Home in NC - 09/21/10 09:57 AM
Buying a home, especially if it's your first one, is often quite scary. There are so many things you don't know and terms you've never heard before. People often fear what they don't understand... So it's not surprising that studies have shown that this fear literally prevents some people from taking the first steps to buying a home!
As a First Time Home Buyer, you are probably "doing your homework," looking for information online, and asking questions of the people you trust. If you are like most of us, your home will be the biggest purchase you ever make. And … (0 comments)
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usda home loan: The USDA Home Loan Shuffle - Are they running out of Money??? - 04/06/10 03:11 PM
A little birdie told us last month that USDA Rural Economic was going to run out of money... and Wells Fargo, and probably some other banks too, stopped taking any USDA Home Loan Applications. (click here for more details)
At the time... we were using about 100 million dollars in USDA Home Loans a Day from the line, and at that rate, it looked like we would run out by April 17th, 2010.
Once they ran out, we were told... the program might change, or maybe there would be a next Tax Credit Extension... or maybe Congress would just give them … (5 comments)
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usda home loan: West Oaks subdivision in Fuquay Varina NC - No Money Down Loans Available - 04/05/10 04:42 PM
These great homes with TONS of square feet qualify for USDA Home Loan Financing. While it is true that USDA announced that it will be running out of money this month... we do not think this is will be a LONG TERM problem! Great Homes, and great financing options! Call us with USDA Mortgage Loan questions, Steve and Eleanor Thorne, 919-649-5058
Via Lee & Pamela St. Peter Raleigh NC, Realtors®, GRI,CRS,ABR,ePro (Prudential York Simpson Underwood Realty):
If you're looking to snag a great home at a terrific price consider West Oaks subdivision in Fuquay Varina NC. But … (1 comments)
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usda home loan: USDA Home Loans in NC Are Affordable! - 03/01/10 04:21 PM
In North Carolina, we get RURAL in a hurry! I mean you can be in an area where you hear Roosters when you wake up, and only have to drive about 25 minutes to your job at the Research Triangle Park! One of the programs that folks in this area are interested in, because it IS available - is the USDA Home Loan that's been specifically designed for those who want to live in a more Rural Area... like Holly Springs, or Wake Forest!
To qualify for the mortgage loan, the home must be inside the "Foot Print" that the USDA Home … (6 comments)
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usda home loan: USDA Home Loans in TROUBLE for November 2009! - 10/23/09 06:53 AM
DARN... DARN... DOUBLE DARN!
We have a TON of customers closing in the next 10 days who think they are going to:
a) move in next week
b) use USDA Home Loan Financing for their 100% (no money down) financing
c) GET THE $8000 Tax Credit
Well, guess what BOMB just hit MY Email this morning?!?!?
FROM: Single Family Housing Guaranteed Loan Program, Washington DC
The President has signed the Agriculture Appropriations Act for fiscal year (FY) 2010. Since October 1, 2009 we have operated under a Continuing Resolution (CR) with carryover funds from FY 2009 and funds allocated under the … (12 comments)
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usda home loan: If You Are Thinkin' $8000 and USDA Home Loans... 1 Word - "HURRY!" - 08/24/09 06:42 PM
We are seeing many customers purchasing in our area using the USDA Home Loan - Rural Development Program. It does not require that you purchase a farm, although it does restrict the purchase to more rural areas. In the Triangle, meaning Wake, Franklin, Durham, Orange, Johnston and Harnett Counties - we have several USDA Offices.
Why would you care where the USDA Offices are? Because, unlike ANY OTHER LOAN PROGRAM, USDA Home Loans must be "re-underwritten" by the folks at the office assigned for your county. No switching to an office that might not be as busy... you go to the … (3 comments)
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usda home loan: Why Credit Scores are Getting Tighter in NC - 02/23/09 10:33 AM
Since the beginning of the year, subtle but significant changes made their way into the underwriting guidelines in NC, and credit score requirements have been changing! As we are all learning, each market seems to be somewhat "dis jointed" when it comes to home values, and jobs - therefore we've seen some underwriting guidelines "tailored" to a geographic area.
Credit Score requirements are getting tighter, and this could be triggered by appraisal problems. There are "guidelines" and then there are the "Golden Rule" guidelines. FHA, VA and USDA do not make mortgage loans, they INSURE them (just like a PMI company) … (2 comments)
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usda home loan: USDA Home Loans Rock The Triangle! - 01/26/09 02:35 PM
In the Triangle, we are lucky to have such a large area that qualifies for USDA financing on mortgage loans! This program offers a 100% loan for homebuyers who qualify with properties located in the more "rural" parts of the area!
Does that mean it's just for a FARM? Oh NO! This is for your home, not for income producing farms. The loans do have a guarantee fee of @ 3.5%. This means that if you purchase a home for $100,000 (I only use this example since I can do this math in my head) then you will have an additional … (15 comments)
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usda home loan: Getting the Lowest Payment - 04/14/08 12:46 PM
When clients contact us they are usually looking for the lowest monthly payment - or the easiest way to get into the property with the least amount of money tied up in the transaction.
Most prospects only ask one question... "What's your rate???" In truth, there are MANY other questions to ask!
One of the variables consumers should ask more about it Mortgage Insurance. There are multiple forms of Conventional Mortgage Insurance - running from Lender Paid, to Financed to Monthly. If you are purchasing in NC Conventional lending currrently requires PMI if you have less than 20% equity in … (4 comments)
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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
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