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usda rural loan: 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 loan: USDA Rural Housing Program - Buyer Can Get 2/1 Buydown with Start Rate of 3.75%! Less than 4% is HERE!! - 12/10/08 12:13 AM
Based on today's rates, a buyer can get a 30 year fixed rate mortgage on a 2/1 buydown (rate is bought down 2% the first year and 1% the second year) with a rate of 3.75% the first year, 4.75% the second year, and 5.75% years 3 through 30! This gives you a better payment and cash out of pocket at closing than does a VA or an FHA loan!
There is a cost to do this of 2.1% of the loan amount and this can NOT be paid by the buyer - it can be paid by the Seller, the … (0 comments)
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usda rural loan: 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 loan: 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 loan: 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 loan: 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 loan: 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 loan: 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 loan: 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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