Sue's Blog

Mortgage and Lending - Waterstone Mortgage Corporation



A Thanksgiving Treat from the Fed Happy Thanksgiving - Mortgage Rates Plunge! 30 Year Fixed as low as 5.5% with no points/orig. fee for 100% Financing!* Motivated Seller or Builder can Buy Down the Rate Temporarily for their Buyer To Get 30 Year Fixed Rate at 3.75% 1st year, 4.75% 2nd year, and ...
A friend of mine in Maryland was sent the following by a fellow employee of his yesterday. They both work for Mason Dixon Funding, a mortgage company. Brad Cohen sent this as a letter to the editor of the Washington Post newspaper. It hasn't been printed yet but he (Brad) told me that I was more ...
HUD had announced a program that was to start on October 1, 2008, to help those homeowners who are  (a) past due on their mortgages and/or (b) upside down (owe more on their home than it's worth).  Without going into details, this program was to help keep people at risk of foreclosure in their ho...
HUD has come out with their maximum loan limits for 2009.  In the state of Florida, the following will be the maximum loan amounts that will be insured by an FHA loan: 2009 FHA Limits - Florida   All areas except those counties listed below:   One-Unit          $271,050 Two-Unit         $347,000 ...
As a mortgage lender, we are constantly getting updates from Fannie Mae, Freddie Mac, FHA, VA and USDA on guideline changes. This summer, the "buy and bail" memo was released. This policy dictates the circumstances under which a buyer can convert their current primary home to either a 2nd home o...
We can offer a buydown on a USDA Rural Housing loan to clients. What this means is that the first year, the rate is 4.25%, the 2nd year, it is 5.25% and the 3rd through 30th year, it is fixed at 6.25%! This is done by having the seller pay for the buy down. If there is a motivated seller, they c...
The USDA Rural Housing Mortgage program has very "black and white" guidelines, or so most people think.  They have certain limitations on the debt to income ratio of the borrower (your total monthly debt divided by your total monthly income), they have a maximum income a borrower can make (see pr...
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Today, the final ruling was published to simplify the USDA Rural Housing program's income limit structure for the USDA Guaranteed Rural Housing Program.  These income structural changes will become effective on January 20, 2009, unless they receive adverse comments by January 5, 2009.  They had p...
    Evidence that the USDA Rural Housing program works to get qualified buyers into homes can be found by checking out their foreclosure website.  Our office is in the Panhandle of Florida, and between here and Tallahassee (Leon) County, there are a total of 5 properties that are in foreclosure. ...

Sue Botelho

USDA Rural Housing Mortgage Pro
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