fl: USDA Rural Housing Loans - More People Will Now Qualify!!! - 11/04/08 08:46 AM
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 put an advance notice out about trying to do this on April 10, 2008 and have not yet received any adverse comments so this should be a non-issue.
In essence, the current income limit structure that is based on household incomes from one to eight persons (in the household) would be restructured as follows:
1-4 person … (10 comments)

fl: USDA Rural Housing Eligibility and General Information - 10/22/08 05:02 PM
If you are a Realtor® with a client, or you are a prospective real estate buyer, the USDA Rural Housing loan is a great program!  It is one of the last truly "no money down" program and allows closing costs the the seller isn't paying to be included in the loan amount!
The areas that are eligible will probably surprise you.  Their maps haven't been revised in nearly 10 years and, as this program is based on the full-time population in an area, much of the Florida urban maps  are still considered in this program.  The maps won't be revised until 2012, or later, so … (1 comments)

fl: Choose the Right LOAN OFFICER, as well as the right Lender. - 10/20/08 12:50 PM
 

While it may be tempting to choose a loan officer and lender strictly based on the lowest-quoted interest rate, it is recommended that the decision be prioritized by a different standard - their reputation. As the loan officer to provide you with testimonials from past clients, as well as ancillary-related professionals (you can see mine here). Google your prospecitve loan officer's name and see what type of information that they are contributing to help buyers and sellers and Realtors®. (It is suggested you google the first and last name of the loan officer, the word "mortgage" and the city … (0 comments)

fl: Florida FHA Loan Limits - 10/14/08 05:22 PM
Florida FHA Loan Limits
 
 
(3 comments)

fl: 100% USDA Rural Housing Loans for Low and Very Low Income Households! - 10/14/08 03:39 PM
Most of my posts are on the USDA Guaranteed Rural Housing Mortgage program. This is a mortgage program that gives 100% financing, including, if necessary, the funding fee, closing costs, and prepaids to enable a buyer to get in a house with absolutely no money down. This program is one in which the client goes to a mortgage lender (such as Northstar Mortgage Group!), a bank or a mortgage broker to get their financing. If a client makes less than a specified amount for a specific purchase area, and the property fits the geographical requirements, we can assist a buyer with … (3 comments)

fl: USDA Rural Housing 102% Mortgage Update - 09/23/08 04:50 PM
As the end of Fiscal Year 2008 approaches (September 30, 2008), the USDA Rural Housing Mortgage Program will be temporarily "without funds".  This happens every year, as those of us that have been doing these for a while are aware.  The program is funded with appropriations from Congress and as they have not yet signed the appropriations bill, there will be a lag for a week or two at the beginning of October.  This is VERY NORMAL!
If you are buying a primary home in Florida, Alabama, Georgia, North Carolina, Tennesee or South Carolina, or are a Realtor with a client … (2 comments)

fl: Okaloosa County, FL USDA Rural Housing Mortgage Eligibility Area and Maximum Income Requirements - 09/16/08 03:45 AM
The following map shows those areas in Okaloosa County, FL that are eligible for USDA Rural Housing loans.  Basically, the only areas that aren't eligible are "between the bases" - Ft. Walton Beach, Shalimar, and Mary Esther east of Hurlburt Field.  Under the map is the income guidelines used to determine if a buyer would qualify for a USDA Rural Housing loan based on the number of people in their family.  Please note that there are some deductions from a buyer's income that may help those who are over these guidelines to qualify, ie: medical expenses for disabled family members, a … (0 comments)

fl: Is the Florida Real Estate Market Stabilizing?? - 08/31/08 01:28 AM
-From NW Florida Daily News, August 31, 2008:
FLORIDA EXISTING HOME SALES LEVEL IN JULY COMPARED TO LAST YEAR:
Single-family existing home sales rose in Florida for the first time in more than two years.  While only six more homes sold in July, 2008 than in July, 2007, it could indicate stabilization in Florida's housing sector, according to the latest housing statistics released by the Florida Association of Realtors.
A total of 11,498 existing homes sold last month while 11,492 homes sold in July, 2007, maintaining the same level of sales activity in the year-to-year comparison, according to FAR.  The last … (4 comments)

fl: How Active Rain got us on the First Page if you Search MSN for "FHA Destin FL" in 4 days! - 08/29/08 06:14 AM
I am new to blogging (I started last week, in fact!) but have a friend in the mortgage business in Tuscon who insists that blogging helps to get referrals.  I'm a little (okay, a LOT) older than him -- In fact, my first grandchild was born 4 weeks ago -- but he is adament that I can do it.  He suggested I really start using Active Rain as the mechanism to get in to blogging.
I had joined Active Rain but hadn't really blogged so this week, I spent a lot of time adding to my blog.  I even did a … (5 comments)

fl: September Special! - 08/29/08 03:47 AM
We are waiving our administrative fee ($150) and doc prep fee ($150) on all loan applications taken from September 1 through September 30, 2008.  This includes primary homes, 2nd homes and investment properties, single family residences, townhomes and condos.
If you couple this fee waiver with today's low rates (6.25%  30 year fixed primary home single-family or townhome, no points, no origination fee, 100% financing with no monthly Mortgage Insurance or 6.5% 30 year fixed for an 80% conforming condo or condo-tel, 2nd home, no points, no origination fee) and your clients with be tickled pink!  They will remember the Realtor … (2 comments)

fl: How To Buy a Home in Destin With NO MONEY DOWN - 08/28/08 10:35 AM
It's not uncommon to see buyers with less than 720 credit scores get pushed through the hoops only to find that the loan they once had.........no longer exists.
No doubt about it: the ability for the Average Joe to get a mortgage in today's credit environment IN A TIMELY FASHION has dramatically changed over the last 12 months!  An now, it's a fact that the difference between a 720 mid score and a 620 mid score can cost a buyer an extra 1.25% on the mortgage rate or 2% additional points in cost.  On a $250,000 loan, that's an additional $5,000 … (0 comments)

fl: FHA Loan Limits - Destin/Ft. Walton Beach/Panama City/Crestview/Niceville - 08/28/08 07:14 AM
OKALOOSA COUNTY
 
(2 comments)

fl: Mortgage Insurance is Tax Deductible through 2010 - 08/28/08 07:01 AM
With the increase in FHA loans (which have up front and monthly mortgage insurance), it's important to know, for yourself and for your clients, that Mortgage Insurance Premiums are tax deductible on Federal Income Tax Returns. This deduction is for both government and private mortgage insurance premiums. In order to qualify, the mortgage would have to have been originated between 2007 and 2010. Originally, it was put in place only for 2007 but the extension was granted as part of the Mortgage Forgiveness Debt Relief Act of 2007. In order to qualify for the full tax deduction, a family's adjusted gross … (3 comments)

fl: So WHAT is a USDA Rural Housing Loan??? - 08/27/08 09:02 AM
When you think of USDA I know the first thing you think is HOME LOAN FINANCING!  Right?  Actually, if you're like most Americans you probably think of Milk, Cows, Pigs, Corn, Farms and a beautiful farm house.  Anything but mortgages.
Rural really isn't all that rural.  Here is a picture of a farm, and you'd probably have to go to an agricultural banker to finance it.  Below is a picture of a house, and you can finance it with a Rural Housing loan through a Mortgage Lender, like myself!
A USDA Rural Home Loan is designed to help families in areas that are … (2 comments)

 

Sue Botelho

USDA Rural Housing Mortgage Pro

Fort Walton Beach, FL

More about me…

Waterstone Mortgage Corporation

Address: 2 Park Circle, Suite A, Ft. Walton Beach, FL, 32548

Office: 8(503) 626-9012

Mobile: (850) 797-7946



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