usda: Map Showing Homes Eligable for USDA Financing in Apex and Holly Springs NC - 09/08/09 02:05 AM
View Larger Map I tried to find some really cool way to actually draw a line on this Google Map - but allas, I'm not that technically advanced.
The "A" on the Map above represents where you should draw a line for properties that qualify for USDA No Money Down, mortgage loans.  If you can "imagine" a line from Highway 1 (Claude E Pope Memorial, also known as the Beltline) over to Kildaire Farm Road... everything BELOW that line qualifies for USDA financing.
This is a different view of the Holly Springs, Apex, NC qualifying areas for USDA. Everything ABOVE it … (4 comments)

usda: 121 Roscommon Lane in Clayton, NC Qualifies for USDA Financing! - 08/25/09 10:51 AM
 
This house can definately use USDA Home Loan financing!  If you are looking for a home in an area that "has some land" - then this might be the one for you!
If you are a first time homebuyer, and you are wondering what the payments on this home would be... about $1200.  Considering the extra tax benefits of owning a home (you know, buy a house, get a raise!) it compares to less than $1000 in rent.  SWEET!
AND... remember, the tax credit for First Time Homebuyers will run out soon, and USDA offices are backed up, so make … (3 comments)

usda: USDA Home Loan Underwriting Updates - 07/15/09 02:54 AM
USDA is quickly becoming one of the Country's most popular mortgage loan programs, and with that, the USDA Rural Development Offices are getting backlogged!
USDA Home Loans are 100% (plus) mortgages - for more information about the program click here.
Because of this increase in volume, there have been several recent AN (Adminsitrative Announcements) from them regarding documentation types, and clarification of guidelines. 
Gift funds are allowed with USDA Home Loans, however gift funds are not considered as cash reserves, or as a compensating factor. Gift Funds may be used for closings costs, voluntary downpayment, and to cover the guarantee fees, however … (3 comments)

usda: USDA Mortgages and Risk Based Pricing - 07/08/09 08:37 AM
Risk Based Pricing is a term now used by mortgage lenders to refer to how mortgage loans are Priced.
A mortgage with a higher risk to the bank has a higher price, or interest rate.  A loan with a lower risk of default for the back, has a better price / rate.
There are several factors that currently make up the "risk" matrix.  Here are a few of the items that might affect the rate:
Borrower Credit Score and Capacity to make payments (Debt to Income Ratio/ DTI) Property Condition and Location Documentation Type (did you provide income documentation and asset … (2 comments)

usda: It's EASIER To Qualify For a USDA Mortgage Today! 5/1/09 - 05/01/09 02:32 AM
USDA Home Loans have "special" qualifying guidelines that prohibit folks from purchasing if you make "too much" money! 
In the past, that means that if you make more than the median income for your area - you might not qualify... but some recent "tweaks" to the system will allow more folks to qualify!!
Effective Immediately, USDA is looking at income "brackets."  This means that if there are 1-4 people in the household, the maximum household income for Wake County, Johnston County is $88,400!  To find out more about income rquirements for YOUR area, click here. 
It's important to remember that USDA … (9 comments)

usda: First Time Homebuyers! Get Your $8000 Piece of the Bailout! - 03/03/09 02:10 AM
There is a silver lining to all of this Bailout Business (thank goodness!) and it applies all First Time Homebuyers!  In the recent stimulus package, Congress, and President Obama wrote in a $8000 Tax Credit for First Time Homebuyer's who purchase a home between January 1, 2009 and December 1, 2009 (that's right, the actual law says DECEMBER ONE, so you need to close by November 30, 2009!)
The actual Credit is $8,000 or 10% of the purchase price, whichever is less.  It is a CREDIT.  This is much different than a Tax Deduction.  If your total tax liability came to $6,000, but you … (22 comments)

usda: If Your Score is Less than 620 - Interest Rates Are Going UP! - 01/09/09 05:44 AM
Just received an update from a MAJOR investor that credit scores less than 620 are going to be priced SIGNIFICANTLY higher beginning Monday, January 12, 2009.
This is significant for folks who are purchasing, and using USDA or FHA/VA financing tools.  The "hits" for scores between 600 and 620 today are .25.  Meaning that it costs us almost a quarter of a discount point more to do a loan with those scores. In most cases, this means we can still get a rate of 5% for these folks.
According to the news bulletin, the new cost for doing a government loan … (12 comments)

usda: Change in Business Plans - Take out Fear of Financing (ASAP!) - 11/12/08 01:11 AM
This is one of those NO BRAINER wake up calls we all need.  I just finished Accountability Coaching - and they reminded me that I need 12 to 20 Exposures every day... not to my real estate partners, but to the PUBLIC.  Writing notes, sending personal emails - reminding folks what I do. 
Then I should have 3 presentations to Real Estate Partners A DAY... reminding them what I do, and helping them with their marketing!
Well, if you're a real estate partner that I meet in the next few weeks - this is going to be part of what we … (10 comments)

usda: USDA Home Loans in Holly Springs, NC - 11/11/08 08:29 AM
Here's a map from USDA showing where you can have a 100% loan, and where you can't use USDA financing.  The shaded area in the top right portion of the map does NOT qualify... the rest of it definately does!
This is great news for folks who are looking for homes with NO PMI, and rates that are very close to FHA!  The maximum income in Wake County for a single person is $60,250 and the maximum income for a family of four is $86,100.
These are fairly straightforward loans, they allow for gifts to cover closing costs, or the seller … (2 comments)

usda: The $7500 Downpayment Gift - 11/07/08 04:16 AM
Maybe you heard that Uncle Sam, who has been giving money out to just about EVERYBODY lately, has a check waiting for you... if you buy a house before next summer!
What is it?  How does it work?
This is a tax credit and not tax deduction.  It is a true dollar for dollar reduction on taxes owed.
The credit can result in a true tax refund!  If, for example, you were to get back zero on your 2008 taxes and you qualify for the full $7,500 credit, you would then receive a tax refund for $7,500.
The tax credit is … (9 comments)

usda: Financing Options For Purchasing Foreclosure Property - 11/06/08 03:32 AM

THIS IS AN UPDATED POST... See $100 Downpayment Change!!!
There are tons of people who know that we are at or near the bottom of the real estate market, and they are ready to purchase a home.  Many of the folks we are talking to are looking at foreclosed property, because they believe they can get the best deals. 
There are some special points you should remember:
Many Banks will not finance manufactured housing.  We have Investors that do - however, there are restrictions.  If you are considering a mobile home, foreclosure, please tell your mortgage lender about the … (9 comments)

usda: FHA Mortgage Program is AWFUL! - 10/20/08 08:11 AM
Use to be, I could get all the business I wanted just concentrating on my referral partners in Cary.  With business such as it is, I now find myself heading further out to hook up with borrowers and referral partners.  I've been listening to CNBC as the market works it's way up and down.
Maybe you've listened to XM too and heard the fella' who says, "It's the Biggest No Brainer In the History of Earth!"
The guy on XM now has a newer ad out about the Mortgage Bailout Bill.  Click here and see if you think he might be … (17 comments)

usda: USDA Home Loans Durham County, NC - 10/14/08 05:09 AM
We've had several people interested in obtaining a USDA home loan for property in Durham County.  I've put together a couple of maps that should help in identifying areas that qualify for this program.  As you might know - it's one of the last TRUE 100% home loans available - and it doesn't have PMI!  The rates are comparable to FHA, so it's a very affordable payment!  You do not have to have PRESTINE credit, but we generally want to see scores above 580, and 12 months of "clean credit."
USDA does require that the property be located in a less populated … (4 comments)

usda: Qualifying for USDA Home Loans in North Carolina - 09/09/08 08:01 AM
I wish I had a nickle for everytime I'd heard somebody tell me, "I'm just lookin' for some land."  They don't really mean they want a horse farm (necessarily) but they do want some room to stretch out!
Well - good news! USDA has a 100% program for those looking for a home in a rural setting. It does NOT need to be a farm - in fact if it's an income producing farm, I'll probably have to refer you to someone who knows a lot more about Commercial loans than I do... no a USDA loan is for folks who … (28 comments)

 
Eleanor Thorne, Equity Resources  919-649-5058 (Equity Resources) Ambassador large

Eleanor Thorne

Equity Resources 919-649-5058

Cary, NC

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