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usda mortgage: 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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usda mortgage: 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 mortgage: 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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usda mortgage: 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 mortgage: 2008/2009 Mortgage Guideline Changes - 01/11/09 04:00 PM
We have now had our first full week of a new year and I wanted to tell you "Happy New Year" and I hope that 2009 will be awesome for you.
As you are aware, there were many changes implemented in 2008 and at the beginning of 2009, and will be more forthcoming. I wanted to give you a run down on them since it affects all of us and how we can get buyers to the closing table. I feel it is a lenders' responsibility to keep you, the Realtor®, abreast of what is happening to help you to keep … (5 comments)
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usda mortgage: 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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usda mortgage: 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 mortgage: 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 mortgage: 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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usda mortgage: 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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usda mortgage: 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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usda mortgage: USDA Rural Housing Eligibility and General Information - 10/23/08 12:02 AM
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 … (2 comments)
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usda mortgage: 100% USDA Rural Housing Mortgage Program - Funds Are Appropriated! - 10/17/08 01:21 PM
As of today, the funds for Fiscal Year 2009 for the USDA Guaranteed Rural Housing program are available in all 50 states!
USDA Rural Development loans are guaranteed by the buyers paying a 2% funding fee but the appropriation of the funds are done by Congressional appropriation. Each year, the funds "end" on September 30 and it typically takes a couple of weeks to get the final appropriation assigned and approved by Congress, as it did this year.
During the time that the funds are "not available", we can still close USDA Rural Housing loans but we cannot get a … (4 comments)
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usda mortgage: PROVEN USDA Rural Housing Mortgage Loan Pro!!! - 10/06/08 06:27 PM
My title on ActiveRain says that I am a "USDA Rural Housing Mortgage Loan Pro". I am licensed to do USDA Rural Housing loans in Florida, Alabama, Georgia, North Carolina, South Carolina, and Tennessee.
The media tells you that 100% financing does not exist today for your buyers today. This is not true. Of course 100% financing is available to Veterans but it is also available through the USDA via their Rural Housing program.
If you are going to place your commission check in the hands of a loan officer where your client needs 100% financing, send them to an expert. … (6 comments)
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usda mortgage: 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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usda mortgage: 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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usda mortgage: Maximum Rate Allowed for USDA Rural Housing Loans - 09/16/08 05:28 PM
Maximum Interest Rates for Single Family Housing Guaranteed Loan Program
The Agency and approved participating lenders must adhere to RD Instruction 1980-D, section 1980.320 when calculating the maximum interest rate allowed for Single Family Housing Guaranteed Loan Program (SFHGLP) loans.
Currently, RD Instruction 1980-D, section 1980.320 provides two options for selecting the interest rate. Lenders may select the higher of the two options to establish the maximum allowable rate. Only interest rates at or below this maximum threshold may be locked.
Current Fannie Mae rate as defined in section 1980.302(a) of RD Instruction 1980-D Lender's published VA rate for … (0 comments)
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usda mortgage: USDA Rural Housing Property and Income Eligibility in Walton County, FL - 09/16/08 10:58 AM
The following map shows those areas in Walton County, FL that are eligible for USDA Rural Housing loans. Basically, the entire county is eligible! 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 credit for full-time students, a credit for those in the household under 18 years of age, child care … (0 comments)
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usda mortgage: Okaloosa County, FL USDA Rural Housing Mortgage Eligibility Area and Maximum Income Requirements - 09/16/08 10:45 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)
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usda mortgage: USDA Rural Housing Loans (Mortgages) are Alive and Well! - 09/15/08 12:45 PM
While many mortgage loan products are being scaled back due to associated credit risk, the USDA Rural Housing loan is still allowing borrowers to finance 100% AND THEN SOME to buy their homes.
The USDA Rural Housing loan works a lot like a VA loan with a couple of differences that are beneficial to buyers with little or no cash on hand. A VA loan has a 2.15% funding fee for the first use; USDA loans have a 2% funding fee for all uses (in both the VA and USDA loan, the funding fee can be added to the loan amount … (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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