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no money down: It's Official - USDA Rural Housing Increased Income Limits to go Into Effect April 20, 2009!!! - 04/08/09 09:58 AM
USDA Rural Development has confirmed that the proposed change in the income limit structure for the USDA Guranteed Rural Housing Program will be implemented as planned on April 20th! This will allow a lot more people to qualify for one of the only 100% financing programs left, and certainly one of the only ones that allows you to include closing costs in the mortgage (if supported by the appraisal)!
In summary, the current income limit structure that is based on household incomes will be restricted as follows:
Okaloosa County:
Household of 1-4 persons in it: Max Gross Income of $72,650
… (3 comments)
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no money down: USDA Does NOT Lend Money - So How Can They Be Out??? - 01/25/09 08:52 AM
It is amazing to me to see how many phone calls we are getting from around the country asking how we can still do USDA Rural Housing loans since they are "out of money"! It is a misconception that the USDA lends money - they don't! Their role in the USDA Rural Housing Loan is to guarantee (insure) the loan against default. That is why the have the 2% funding fee as opposed to monthly mortgage insurance.
Currently, they have used the entire appropriation that was given to them by Congress for FY2009; however, they are still issuing conditional guarantees that … (9 comments)
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no money down: USDA Rural Housing Income Limit Increase Postponed - 01/14/09 06:39 AM
Even though we had it on good authority (we even had it in writing that unless someone complained it would take place January 20), USDA has postponed the 2-tiered income system, which will allow more buyers to qualify for this program, until March 20. I have heard that the reason for this postponement is that they have already used their FY2009 congressional appropriations in the first quarter, from October 1, 2008 - December 31, 2008 (actually, I believe they were used up as of January 9, 2009).
While they have used all of the current appropriated funds, USDA RURAL HOUSING LOANS … (2 comments)
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no money down: How Many Homes Can Be Sold With a Start Rate of 3.25% on a Fixed Rate Mortgage that Ends Up at 5.25%?? - 12/27/08 07:44 AM
Imagine this: You, as a Realtor have a house listed for sale and a motivated seller. This seller is willing to pay up to 4% to 6% or higher towards the buyers' closing costs and prepaids. You have a prospective buyer that qualifies for a USDA Rural Housing Loan (the income limits starting January 20, 2009 are much higher than where they currently are). Imagine now that you send your buyer to Northstar Mortgage Group for their financing. They don't have a lot of cash to use towards closing and their credit score is a 580. Imagine that they are told … (2 comments)
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no money down: Thanksgiving Treat from the Fed!!!!!!!!!!!! - 11/26/08 11:50 AM
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no money down: USDA Rural Housing Loans and In-Ground Swimming Pools........ - 11/08/08 12:00 AM
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 prior blog for how that is changing), they have geographical restrictions (which are VERY liberal and won't be changed until at least 2012) and they don't allow in-ground swimming pools.
However, and many people don't realize this, you can ask for an exception if your buyer is purchasing a home that … (6 comments)
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no money down: USDA Rural Housing Loans - More People Will Now Qualify!!! - 11/04/08 04:46 PM
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 … (11 comments)
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no money down: USDA Rural Housing Program - Properties in Foreclosure - 11/02/08 03:15 AM
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.
I have been using this program for over 10 years and based on the number of properties that have sold under it, this low number of foreclosures represents USDA's committment to making sure that the buyers who use this program show an ability to repay the mortgage
A USDA … (1 comments)
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no money down: If you are a Seller, or a Listing Agent, How about Offering a Rate of 4.75%??? - 10/29/08 10:27 AM
If you are familiar with the 2/1 buydown program, you know that rates are 2% less the first year, 1% less the second year and stabilize at the end rate for years 3 through 30. This is a FIXED RATE mortgage that allows a buyer to have an interest rate of 4.75% the first year, 5.75% the second year, and 6.75% for the remaining life of the loan based on today's rates!
If you have a seller that is anxious to sell their property (and from what we're hearing, there may be a lot of bank auctions on foreclosed properties coming … (1 comments)
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no money down: 100% USDA Rural Housing Loans for Low and Very Low Income Households! - 10/14/08 10:39 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)
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no money down: USDA 100% Financing, No Down Payment, Rates Back at 5.5% No Points/No Origination Fee - 10/06/08 12:12 PM
Today's rates on a USDA Rural Housing loan are at 5.5% again with no points, no origination fee. There is a 2% financed funding fee but no monthly mortgage insurance. What does this mean to a person who is currently renting? They can buy a home at a sales price of $155,400 and have a payment less than $900, not including taxes and insurance. This $900 payment does include the financing of the 2% fee.
Here are the sales prices that can be purchased to keep principle, interest and financed funding fee under a renter's current rent; these figures do not … (1 comments)
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no money down: First Time Buyer? Buy a House with NO MONEY DOWN and get the $7,500 Tax Credit for 2008! - 10/01/08 02:01 PM
HR3221, the bill signed into law about a month ago, allows for up to $7,500 in tax credits to be given to first time homebuyers that purchase a home between August 9, 2008 and July 1, 2009. This credit will be deducted from your 2008 tax return. It does have to be paid back but it is paid back over 15 years, which would be $500 a year added to your tax liability for the next 15 years as it is interest-free when repaying it.
If you couple this with a USDA Rural Housing Loan (mortgage), you can get into a property … (1 comments)
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no money down: First Time Buyer? Buy a House with NO MONEY DOWN and get the $7,500 Tax Credit for 2008! - 10/01/08 01:54 PM
HR3221, the bill signed into law about a month ago, allows for up to $7,500 in tax credits to be given to first time homebuyers that purchase a home between August 9, 2008 and July 1, 2009. This credit will be deducted from your 2008 tax return. It does have to be paid back but it is paid back over 15 years, which would be $500 a year added to your tax liability for the next 15 years as it is interest-free when repaying it.
If you couple this with a USDA Rural Housing Loan (mortgage), you can get into a property … (0 comments)
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no money down: Florida Real Estate Financing Woes...... - 09/29/08 07:13 PM
Today was NOT the best day in my little corner of the world! I had been out of the office since last Tuesday attending the Florida Association of Realtors convention in Orlando and was back and fired up and ready to hit the streets running!
We are a correspondent lender and sell a large percentage of our loans to JP Morgan Chase. This afternoon, I received a bulletin from JP Morgan Chase stating the following changes for Florida: They are no longer financing condos AT ALL; they will no longer finance 2nd homes or investment properties, they will no longer … (2 comments)
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no money down: With Down Payment Assistance Gone, How Long Will It Take To Buy a Home? - 09/27/08 08:15 AM
On October 1, 2008, the ability to get an FHA loan and have the seller contribute to a down payment assistance program such as Ameridream ends. The passage of HR 3221 by Congress took this feature away, ending the ability to have the seller help a buyer to get 100% financing on an FHA loan. A buyer will now have to contribute 3% towards down payment (3.5% after January 1, 2009) for an FHA mortgage.
A lot of potential buyers are now feeling as if they can't buy a home until they save money for a downpayment. This is NOT the … (3 comments)
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no money down: USDA Rural Housing 102% Mortgage Update - 09/23/08 11:50 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)
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no money down: How To Buy a Home in Destin With NO MONEY DOWN - 08/28/08 05:35 PM
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)
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no money down: USDA Rural Development Government Loan Saves Buyers TONS of Cash! - 08/27/08 05:09 PM
The USDA Rural Development Guarenteed Loan is quickly establishing itself as the most cost effective Rural Housing Loan anybody could use.
Our Rural Housing Loan will save your buyers a truck load of cash and help them keep their money in their bank account after closing!
Here's a comparison of an FHA Government Loan, A Conventional Mortgage and a USDA Rural Development Real Estate Loan.
Not only does the Rural USDA loan have the lowest out of pocket expenses to buy Rural Real Estate, it also has the lowest down payment requirement.
Keep in mind that Rural Real Estate isn't a farm, … (0 comments)
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no money down: So WHAT is a USDA Rural Housing Loan??? - 08/27/08 04:02 PM
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)
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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 Phone: (850) 362-6901 x 2
Cell Phone: (850) 797-7946
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