usda: Mortgage loan applications are down for the week of April 12th but does anyone know why? Maybe it’s USDA. - 04/14/10 09:45 AM
The Mortgage Bankers Association reports that mortgage applications for the week ending April 9th are down almost 10% from the previous week. They go on to cite the recent increase in FHA upfront mortgage insurance as the main factor, and they likely have numbers to back up that statement. What … (0 comments)
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usda: USDA Rural Development loans expecting to run out of funds by late next month - 03/11/10 09:57 AM
Updated information- Check it out below
I normally hate titles that are meant to scare people into reading but unfortunately this time there is no exaggeration to the severity of the issue. USDA Guaranteed Rural Development loans, one of the best low/no down payment financing programs left, has recently announced they … (46 comments)
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usda: I CAN close YOUR mortgage loan in ten days or less! - 02/24/10 10:12 AM
But the truth is, I probably won't.
So why do more and more lenders continue to make promises like these? Maybe because it makes their phones ring, because it gives them a chance to do a loan they otherwise may not have gotten. Maybe they are OK with the fact that … (22 comments)
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usda: Happy New Year and the Homebuyer Tax Credit - 12/31/09 09:21 AM
As we wind down 2009 we can look back at what was a rough year in Real Estate. That is unless you were one of the buyers the got a great deal on a new home and collected on the Tax Credit too. Many first time buyers capitalized on it and … (6 comments)
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usda: USDA Rural Development loans are NOT out of money, and other important facts for Lake County, FL. - 09/29/09 05:42 PM
Last Friday the USDA formally announced it was entering its annual "roll over" of funding as of its new fiscal year October 1st. This mainly administrative action results in USDA's funding being delayed until it's made available through the General Accounting Office (GAO). This by no means indicates the … (4 comments)
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usda: USDA Rural Development loans are NOT out of money, and other important facts… - 09/29/09 05:37 PM
Last Friday the USDA formally announced it was entering its annual "roll over" of funding as of its new fiscal year October 1st. This mainly administrative action results in USDA's funding being delayed until it's made available through the General Accounting Office (GAO). This by no means indicates the USDA … (39 comments)
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usda: So what’s the skinny on extending the First Time Buyer Tax Credit? - 09/24/09 06:57 PM
You hear plenty of talk from NAR (National Association of Realtors) and the NAHB (National Association of Home Builders) regarding the push to extend the First Time Buyer Tax Credit, but what is really going on with it? There is little argument the program has been successful in spurring sales and … (7 comments)
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usda: USDA appraisal requirements changing July 01, 2009 - 06/26/09 03:37 PM
The last holdout- USDA- will be requiring the 1004MC addendum to the appraisal on all Rural Development loans effective July 1, 2009. Up to now they were the only loan program to not require it so the news certainly doesn't come as a surprise.
The memo from USDA states files … (3 comments)
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usda: USDA Rural Development funds for refi’s and pools is in! - 04/24/09 06:37 PM
Today the USDA announced it regular allocation of funding had been credited is now available for use. These are the funds that can be used to guarantee refinance loans (you can only refinance a current Rural Development loan) and homes with pools.
Remember pools still require a special exception … (2 comments)
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usda: USDA income limits change April 20, 2009 for Lake County - 04/10/09 07:19 AM
It's been confirmed! The income limits in Lake County (and the entire Orlando area) for USDA Guaranteed Rural Development loans will go up to $70,750 for households from 1-4 persons and $92,400 for households from 5-8 persons. No false start anymore folks. We can start taking and processing applications … (0 comments)
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usda: Rural Development loans not jumping on the appraisal change bandwagon - 04/07/09 03:10 PM
I just confirmed that the USDA will not be requiring the new 1004MC form for their appraisals. This in spite of the fact that Fannie and Freddie, FHA/HUD and the VA are requiring them. That effectively makes RD loans the only ones NOT requiring this additional info.
Coupled with the fact you … (0 comments)
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usda: USDA Rural Development loans no longer accepting ANY pools?-updated 04/08/09 - 04/06/09 06:35 PM
Those who know me know I don't usually repeat hearsay. I like to confirm things beyond a shadow of a doubt before writing about it but this is just too important not to share.
I heard from a reliable source today that because of some wording in the new funding … (8 comments)
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usda: USDA Rural Development program receives new funding - 03/23/09 05:20 PM
The USDA announced Friday that the funding allocated by the recent economic stimulus bill had been received. Many lenders continued to close and fund RD loans awaiting this allocation but others stopped closing them. With this notice look for many lenders to get back into the RD game. Indeed Suntrust … (4 comments)
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usda: Latest update on availability of funds for Rural Development loans - 02/26/09 10:12 AM
Pursuant to my sources at the USDA it will be taking about another two weeks for the funding allocated by the recent economic stimulus bill to trickle down to retail levels. For those who are seeking a Guaranteed Rural Development loan from a lender such as myself, this should not … (8 comments)
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usda: Part 2- Economic Stimulus Package can be law by as early as next week. What does it mean for us? - 02/13/09 12:13 PM
It's Friday the 13th and Jason is walking the hallowed halls of Congress making laws I personally hope we don't come to regret. We have all heard many conflicting reports on this legislation but sketchy details have been confirmed. What does it all mean to us and our industry?
As of … (9 comments)
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usda: Economic Stimulus Package can be law by as early as next week. What does it mean for us? - 02/11/09 08:16 PM
IF YOU ARE FOLLOWING THIS POST PLEASE LINK OVER TO PART 2 HERE FOR AN UPDATE
NEW UPDATE-as of 10a EST, 02/13/09- It is Friday the 13th and some very scary things may be happening today. The summary is available and basically confirms what we have been hearing in the … (39 comments)
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usda: December sales trends in Lake County FL including Eustis, Mount Dora and Tavares- the market is becoming very clear - 01/17/09 09:28 AM
As we look back at 2008 and it's last month, real estate sales seemed to take a very predictable path. Once again there were about 200 single family homes sold (202 to be precise). Once again it was the $100- $140k price range that garnered most of the sales … (2 comments)
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usda: December sales trends in Lake County FL- the market is becoming very clear - 01/17/09 09:17 AM
As we look back at 2008 and it's last month, real estate sales seemed to take a very predictable path. Once again there were about 200 single family homes sold (202 to be precise). Once again it was the $100- $140k price range that garnered most of the sales (57 … (2 comments)
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usda: Breaking news- Rural Development income limits are NOT changing on January 20th! - 01/14/09 08:22 AM
We have all been anticipating changes in the income guidelines for RD loans to be increased, however today the USDA announced it will not be making those changes until at least March 20, 2009. The changes would allow families from 1 to 4 members to qualify at the 4 person … (0 comments)
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usda: RD loans no longer underutilized...latest info on program funding - 01/06/09 07:55 AM
The USDA sent out a notice regarding availability of funds yesterday and estimating funding for the current period would be exhausted by January 9, 2009 "if not sooner". They site demand at historic highs as the reason for the shortfall, and this comes as no surprise to those of us that … (7 comments)
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