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usda home loans: Buying a Horse Farm in NC - 05/09/12 06:52 AM
Several of the agents we work with currently have listings for horse farms in North Carolina. Financing these properties can offer unique challenges.
Our daughter rides, and so we understand the unique challenges of finding the right “home” (barn).
When you’re financing a farm, the first thing we need to know is if this is going to be income producing property. If it is – meaning you are going to lease stalls, have trainers, organize lessons, or stud, then it’s a whole different conversation from where I’m going with this post. (Call us, 919-649-5058 and we’ll get specific details. If we … (1 comments)
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usda home loans: Home Inspection Reports Causing Headaches at Closing - 02/18/11 10:12 AM
Many home buyers get a home inspection prior to purchasing. We think that’s a great idea, but recently, we’ve run into some last minute problems that you should be aware of!
We first saw this problem last fall with USDA Home Loan Financing... now we are seeing it across the board!
Here's the problem... if the investor, Chase for example, knows that there is a home inspection, they want to see it and they want all issues on the report fixed. Even simple stuff.
We are sometimes advising clients to avoid putting the home inspection on the HUD. Granted, this is … (6 comments)
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usda home loans: USDA Home Loans in NC What To Do When Landlord is Foreclosed - 01/21/11 11:53 AM
Qualifications for a USDA Home Loan in North Carolina: Rental Payments / Housing Expense
We just sent a letter to a consumer applying for a USDA mortgage loan about a problem with the approval…
“I completely agree with you that it’s not your fault that the owner of the property was foreclosed against and due to the massive amount of foreclosures it took the bank almost a year to get around to doing something with the property. It really is a catch 22. They want to see how you paid your existing housing expense and we cannot provide it due to … (4 comments)
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usda home loans: NC Counties That Qualify for USDA Home Loans - 08/22/10 03:10 PM
My daddy always says that we "Get Rural Fast" in North Carolina... one minute you can be neighborhood after neighborhood, and 25 minutes later you are in the country! This works well for those who are looking for a home with no down payment requirements!
Every square mile of 73 North Carolina counties qualify for USDA Home Loan financing! Look at the map below - if there's no star in the county - the whole county qualifies for this financing!
BUT, as an update to this post, the newest 2010 Census Numbers could be changing where you can get a USDA … (2 comments)
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usda home loans: We're Back In The Money Baby! Go #USDA! - 05/28/10 09:26 AM
USDA has been "out of money" for a couple of weeks, and they finally have a couple of dollars (2.5 Billion) to loan! We get Rural FAST in North Carolina - which is why USDA Rural Development Loans are so important!
People who purchased and want to take advantage of the Tax Credit, are now waiting to see if USDA can underwrite their loan fast enough to be able to close by the end of June... and since there is a back log, there's no guarantee.
USDA charges a "Funding Fee" - similar to the Upfront MIP that FHA charges, and … (6 comments)
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usda home loans: Forbes Offers Encouragement in Housing Market - 04/07/10 10:58 AM
There's been some speculation that the FED exit of the Mortgage Backed Security Market will cause a spike in Interest Rates, and a downturn in the housing market... not so says Forbes Magazine. According to article, the exit of the FED is not going to HELP the Housing Market... but they point to encouraging signs that should keep us from going into that dreaded second dip.
The FED is not likely to SELL all of those Mortgage Backed Securities anytime soon. The sale will likely be the next thing that causes mortgage rates to SPIKE. We've had a 1/4 to … (5 comments)
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usda home loans: 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 loans: 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 loans: 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 loans: 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 loans: "Excuse-itis" What's Your Favorite Flavor? - 07/30/09 07:16 AM
We made calls yesterday to Real Estate Offices, and New Construction Subdivisions... and we got "Excuse-itis" everytime we got out of the car! These places were all within 10 square miles of each other - so you would think the "health" of Real Estate in that little area would be relatively the same!
At one stop, the Agents were B-U-S-Y! I mean they were so busy no one has time to learn about using FaceBook to connect with past customers! So busy no one has time to consider joining discussions on the hyper-local forums in thier office! These folks were B-U-S-Y!... … (11 comments)
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usda home loans: 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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usda home loans: READ THIS Credit Score Requirements C-H-A-N-G-I-N-G! - 01/23/09 02:43 PM
Everybody needs to Move it, Move it, Move it!!!
'Cause minimum credit scores are going UP!
I'm not talking about folks having BAD credit and having trouble buying a home... but I have a borrower right now that has a 618 score - NO LATE PAYMENTS. He has 20 years of credit history...
He owes Best Buy and Macy's and Room to Go (And Amex, and Bof A for 2 cars, and Wachovia for a mortgage or 2). NO LATES. But his middle score is 618.
Well, according to our friends at Wells Fargo - pretty soon this borrower (who makes … (31 comments)
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usda home loans: The Different Kinds of Mortgage Insurance - 12/01/08 04:03 PM
Most folks want to avoid PMI... but they don't realize that they are happily paying a "kind" of mortgage insurance no matter what kind of loan they are getting!
Mortgage Insurance is not the insurance that covers you if you die, or are disabled and can not pay the mortgage... it's the insurance that protects the BANK in the event you go into foreclosure.
Given the recent UP TICK in foreclosures, you can see why banks are requiring higher coverage amounts! If you are applying for a Conventional mortgage, and you are putting more then 20% on a property you plan … (4 comments)
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usda home 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)
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usda home loans: 100% Loans In Wake Forest, NC - 09/23/08 10:22 AM
Are you looking for a home in the Wake Forest Area? Great NEWS! This map shows the property that is eligible for USDA 102% fianancing! The area that is NOT "peach" qualifies!
See that line where the railroad tracks go from "peach" to white. That's Roger's Road. This is a GREAT part of Wake County - property values are APPRECIATING here (unlike what you might hear about other parts of the country!), and values are continuing to go UP!
There are income restrictions for these loans, and they are intended for those who have not owned a property in the last … (6 comments)
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usda home loans: 100% Loans Western Wake County, NC - 09/23/08 10:04 AM
Here's some GOOD NEWS! There are TONS of places that allow USDA 100% loans in Western and Southern Wake County.
From the picture to the left, the areas marked in "peach" are not eligible... However, large parts of Apex clearly do! (see Kelly Road?)
The line that runs from the bottom left corner up towards the right is the County Line for Wake and Chatham County. All of Chatham County qualifies for USDA 100% loans!
If you are interested in purchasing property - NOW IS THE TIME. A friend of mine recently said, "I'm not sure we will see prices this … (0 comments)
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usda home loans: Manufactured Homes Are Very Affordable! - 09/18/08 02:58 PM
Joe Adams sold manufactured homes for a while, and he has put together a great piece of information on financing mobile homes. Remember, new construction, mobile homes on permanent foundations (and land that you own - not rented) qualify for USDA, 102% financing!
Via Joe Adams:
In a past life when I sold manufactured homes the more difficult the economy and the higher the interest rates the better we did. WHY, becuase of AFFORDABILITY! Just think, as the price of homes is up (yes even today after all that has happened) and financing rates go up that brings monthly payment more … (4 comments)
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usda home loans: Qualifying for USDA Home Loans in North Carolina - 09/09/08 03:01 PM
I wish I had a nickle for everytime I'd heard somebody tell me, "I'm just lookin' for some land." They don't really mean they want a horse farm (necessarily) but they do want some room to stretch out!
Well - good news! USDA has a 100% program for those looking for a home in a rural setting. It does NOT need to be a farm - in fact if it's an income producing farm, I'll probably have to refer you to someone who knows a lot more about Commercial loans than I do... no a USDA loan is for folks who … (24 comments)
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usda home loans: USDA - The OTHER 100% Loan - 03/31/08 05:02 PM
USDA loans are great for people in Wake County! This 100% loan has some exciting differences to FHA and VA loans.
USDA loans can be used for Manufactured Housing! Since more than 35% of all housing in North Carolina is manufactured housing, this is a BIG PLUS!
USDA loans have Minimum Credit Requirements and will allow borrowers to use non-traditional credit!
The only "tricky" things to consider about USDA loans is that they have some "quirky" requirements. In order to qualify for a USDA the property must be in a qualified area, the borrowers must meet the maximum income limits for … (13 comments)
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Eleanor Thorne 919-649-5057 Cary Mortgage Loans
Cary,
NC
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Steve Thorne NC Mortgage Experts
Address: 111 Corning Road, Suite 230, Cary, NC, 27518
Office Phone: (919) 649-5058
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