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usda housing: First Time Home Buyer Tax Credit - TIME IS RUNNING OUT! - 09/26/09 12:03 AM
Here is a video that gives some important information about this credit, information that I hadn't really thought about until recently. Because I know that I hadn't thought about it, I feel it very important to share this information with any and all potential buyers - they really don't have much time remaining! If you, a friend, a client, a family member, or someone you work with is still on the fence about buying, you need to send this to them@
Click here to see the video and share with anybody you know that is contemplating on buying a home but … (5 comments)
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usda housing: USDA Rural Housing Mortgages - Increased Income Limits - 04/22/09 02:50 PM
On Monday, April 20, USDA Rural Housing income limits were increased. Here are our local limits and, if you are located elsewhere, just email me and I can tell you the limits in your area.
Okaloosa County:
If there are 1-4 persons in the household, maximum income is $76,250 and if there are 5-8 persons in the household, maximum income is $100,650
Escambia, Santa Rosa, Holmes, Bay and Walton Counties:
If there are 1-4 persons in the household, maximum income is $73,600 and if there are 5-8 persons in the household, maximum income is $97,150.
This is a great tool to … (0 comments)
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usda housing: Update on USDA Income Limit Increases - 03/05/09 12:36 PM
I wanted to share the response I received from someone at USDA today on the increase in the income limits. It still sounds very promising!
Here is my ‘canned' response sent to all inquirers. If it happens (we're very optimistic), it will be incorporated at the same time as our regular annual income adjustment, late March, early April, maybe by March 20, depending on when we get data from HUD (for the regular increase).
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NO guarantee but optimistic. Hopefully around March 20, maybe a little later. It would use the 4-person limit for the 1-4 person households, and … (4 comments)
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usda housing: 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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usda housing: With Rates So Low, What Happens If I Lock in a USDA Loan and Don't Get to Closing on Time?? - 12/18/08 08:03 AM
Currently, the investor we use for our USDA Rural Housing loans offers two rate lock extensions up to 60 days each, so that you can actually get 120 days extension. They do charge for this and we have been told that, effective today, December 18, 2008, the price (charge) to extend is going up. This price is charged as a one-time fee and is NOT an increase to your current rate.
Here are the new costs for extending a rate lock in:
1 day extension - No Charge, but can only do 1 free 1-day extension, not 2
7 day extension … (1 comments)
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usda housing: Proposed Income Limits for USDA Rural Housing Loan Program Go Into Effect January 20, 2009 - 12/04/08 06:45 PM
As long as nobody complains, the proposed income limits will go into effect on January, 20 for the USDA Rural Housing mortgage program. The tables below are for FLORIDA only; other states will have the increases, as well, but the amounts will vary. This is for 100% financing that also allows a buyer to finance their closing costs!
CURRENT TABLE
For each person over 8-persons, add 8% of the 4-person limit.
NOTE: This is not an income increase for the 4-person and 8-person households. It simply removes the tiers for the 1-3 and 5-7 person households. It does have … (1 comments)
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usda housing: Short Sales and their Effect On Getting a USDA Rural Housing Mortgage Loan - 11/12/08 06:40 AM
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 or an investment property and how we, as lenders, have to count the payment of the current primary home against them or under what circumstances we can count rental income on the property if they rent it. It makes it tougher to qualify because they fear, and rightfully so in … (1 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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