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usda rural 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 rural housing: 10 Real Estate Deal Killers........ - 03/06/09 03:04 PM
I attended a class the other day called "10 Things to Ask Your Buyers Before Taking Them House/Condo Hunting" and will be addressing those issues in an upcoming blog entry but wanted to put together a list of what can kill a deal for a buyer or a seller. Please feel free to share this information with your buyers and sellers!
Skipping the Mortgage Preapproval Process: For buyers, getting preapproved for a mortgage gives them a clear idea of how much they can safely borrow, plus it addresses credit issues and kick-starts other financial paperwork. What's more: it identifies them … (4 comments)
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usda rural housing: 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 rural housing: 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 rural 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 rural housing: 100% Financing with Rate Under 4%???? Is it possible???? - 12/01/08 11:44 PM
YES!
With a 2/1 buy down program under the USDA Rural Housing Loan program, you can get a rate of 3.75% for the first year, 4.75% for the second year, and 5.75% for years 3 through 30!!
The buyer can't pay the fees to get these rates as it has to come from another party, ie: the seller or the Realtor but it's a program that is great for using if you are anticipating higher income over the next 24 months!
Call me at 850-424-6866 or email me at sue@northstarmg.com for further information. You can even "move in for a penny" on this … (0 comments)
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usda rural 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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usda rural housing: USDA Rural Housing Loan.........With Rate of 4.25%!!! - 11/11/08 08:27 AM
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 can pay points to get the rate lowered the first and second years and then fixed for the remainder of the term. This is NOT an adjustable rate mortgage; it is fixed but just has the feature of having … (1 comments)
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usda rural housing: 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 rural housing: 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 rural housing: 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 rural housing: 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 rural housing: 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 rural housing: 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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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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