The Single Family Housing Guaranteed Loan Program (USDA Loans) will likely be exhausted by the end of April, 2010. This is a message that was delivered from the National Office in Washington D.C. as of today.
It was then stated that once funding is exhausted, the Agency will not issue Conditional Commitments “subject to receipt of appropriated funds.” This is because the agency is not certain when additional funding will be available. And this might not be known until October, when the new budget comes out. This is important to … (14 comments)
100 percent financing: USDA Loans - The Rural Housing Loan - The Basics
- 04/18/09 11:33 AM
USDA loans in many areas are becoming more popular, yet many loan officers still don't know much about them, hence why they still aren't talked about much. Just as FHA loansweren't used as much as they should have from 2000 - 2006, because subprime and some conventional loans were easier for the loan officer to give to the consumer, even though it might not have been the best loan for them. I am sure in some cases, FHA loans are given before the USDA loan because of the lack of education on the loan officers part.... just my .02.
Rural housing loans are not FHA loans. They do follow some of the same requirements of the FHA loans, but can be a little stricter than FHA also. Rural housing loans aka USDA loans, can be used for both purchases and refinancing. And don't be fooled by the name rural housing loans, that it just has to be rural. It's just a term, hence why these loans might have been used as much in the past. You would be surprised in some areas that these loans are allowed in.
So, what are some of the major benefits to … (14 comments)
The mortgage process, whether you are applying for a FHA mortgage or a convnetional mortgage, the process should not be as difficult as it appears more times than none. After over 15 1/2 years in the mortgage industry, I just don't understand why some loan officers just don't learn the basics, instead of trying to sell rate and fees. They get so caught up in this, oversell the rate and undercut fees, that they lose sight of the service part of the mortgage process. And the basics of knowing what questions to ask. As I mentioned in Part … (11 comments)
The good old Good Faith Estimate.... it could sometimes be your worst enemy, depending on the loan officer and how they actually fill it out. It doesn't matter if you are applying for a FHA mortgage or a conventional mortgage, all good faith estimates should be accurate. I have seen many loan officers low ball their estimates not only on their points, but on the 3rd party charges. This can make shopping for a mortgage frustrating and more difficult. I just had a client recently compare my good faith estimate with that of another lender. My title charges were … (13 comments)
When shopping for a mortgage, the general consumer can get very confused at times. Even if you have bought or refinanced several times in the past, it can still be confusing. It doesn't matter if you are applying for a FHA, conventional, VA, or subprime mortgage. The Good Faith Estimate (GFE) is very critical when shopping for a mortgage. But you have to be careful because more than 75% of this piece of paper is an estimate. Some loan officers will cut corners just to make their total estimate look cheaper.
Three things that you want to look for when you first look … (26 comments)
This seems to be a growing problem within the mortgage industry. Mortgage closings that don't close on time. What kills me are the excuses that lenders use when giving the bad news, usually last minute. Key disclaimer, yes, things do happen that are not of anyones control at times. But what is the percentage between these that are delayed by the inevitable and those because the lender fumbled the deal. Inside information : For those that don't know the mortgage process, I will give you an outline below soon. But here is some startling information. Most lenders need at least 48 hours … (28 comments)
Do you want to sound like the savor to your clients when they are buying their house? How about talking to a loan officer that not only educates their clients, but who educates the realtor. I wrote a post the other day called Curiosity is killing this cat...... what about you? for members only. I mentioned to Katrina that you can have clients settle at the beginning of the month so there isn't such a log jam at the end of the month. Then David Kucic and Missy Caulk both chimed in asking how this can be done and if I … (16 comments)
100 percent financing: Doctor Doctor, this patient can't be helped!!!! Need a loan Medic.....
- 08/02/07 12:29 PM
Loan Officers, Realtors, and Consumers...... be very, very careful out there. Loan programs are changing by the minute. Not only are stated loans becoming nearly extinct (by Janet Guilbault), but 100% financing is becoming extremely difficult. On August 17th, 2007, I will have been in the mortgage business as a loan officer and as a manager for a total of 15 years. I have only lost 2 purchase transactions ever. And I have saved over 15 loans or so that I can remember in recent years that were turned down by other lenders. Well today I might have lost a loan. Closing … (36 comments)
I just want to educate people about mortgages and the process.
In regards to lending, I am very creative, intuitive, honest, and one who communicates information, may it be good or bad. I am a loan officer that looks out for your best interest.
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