usda home loans: Take Our Advice, Follow Directions When Applying For A Mortgage - 07/31/19 08:16 AM
I don’t normally write about this sort of thing – but I think we need to have a quick “fire side chat.”  By that, I mean that I think it’s important for you to know what’s really happening over here in Mortgage World, behind the curtains… and I want to suggest that right now, more than at any other time – if you are getting a mortgage, you need to take our advice.
Mortgage World is slammed.  Interest rates dropped, and people decided to refinance.  We haven’t had that many refinances in the last year.  But PMI rates have gone way down since 2016.  I just … (4 comments)

usda home loans: Flood Plain Properties and USDA Home Loans - 07/31/18 08:41 AM
In North Carolina, we don’t have a ton of properties that are sitting in a high risk of flood, but there are some properties in almost every county, with a particular concentration in the Eastern part of the State.  In some cases, the whole lot is not in the flood plain, only a portion of the lot (maybe a back corner) is in the flood prone area.  If that is the case, with the home you are interested in purchasing, you might be required to carry flood insurance.  Flood Plain Properties and USDA Home Loans are not normally a problem, but … (2 comments)

usda home loans: Mortgage Guidelines for Authorized User Credit Cards - 02/13/18 09:31 AM
An Authorized User account normally refers to Credit Cards.  When a creditor allows an “Authorized User”, they give permission to the person originally approved for credit on the account to allow a spouse or other designated person to make charges to the account. Generally, the authorized user is not under “contractual obligation” to repay.  This allows the “Authorized User” to use the good credit history on the account to reflect on their credit file – essentially without ever having made an on time payment.  Because this is a unique situation, Mortgage Guidelines for Authorized User Credit Cards vary from program to program.
We’ve used … (3 comments)

usda home loans: USDA Home Loans When You Have Student Loan Debt - 07/29/14 03:52 AM
USDA has long seen the benefit of a College Degree – and in fact USDA Home Loan Underwriters will use Higher Education as a “compensating factor” when a family is close on the debt ratios!  Unlike FHA and VA home loan underwriting, though, the no money down home loan programs offered through USDA COUNT deferred Student loans IN the total debt ratio. Qualifying for USDA Home Loans when you have Student Loan Debt is not impossible - it's just a different process than you might see with other Mortgage Loans.
Student loans come in two classes: deferred and not deferred.  And one thing to keep … (3 comments)

usda home loans: Land Value versus Home Value - 11/27/12 06:11 AM

With all of the “deals” we are hearing about these days, I guess it’s not surprising that people are finding homes with large tracts of land associated with them.  In general, the ratio of “land value” versus “home value” needs to be less than 30%.  This goes for FHA loans, VA loans – Conventional loans, USDA Loans… underwriters are going to look at the appraisal, and if the land is worth more than 1/3 of the total sales price, it won’t work for our Bank.
The Bank takes the position that if the total Sales price is $100,000 and the … (0 comments)

usda home loans: Options for No Money Down Home Loans in North Carolina - 07/19/12 08:48 PM
Most people who think about No Money Down Home Loans - think of USDA Home Loans.  It's a great program, and because of the demand... it's getting back logged in NC.  Great News!  There are OTHER options if you are looking for a mortgage that doesn't require ten's of thousands of dollars in down payment!  They don't require that you live in a certain area (like USDA No Money Down Home Loans do) and there are no Maximum Income Requirements for most of these programs either!
FHA No Money Down Home Loans:

usda home loans: Buying a Horse Farm in NC - 05/08/12 11:52 PM
Several of the agents we work with currently have listings for horse farms in North Carolina.  Financing these properties can offer unique challenges.
Our daughter rides, and so we understand the unique challenges of finding the right “home” (barn).
When you’re financing a farm, the first thing we need to know is if this is going to be income producing property. If it is – meaning you are going to lease stalls, have trainers, organize lessons, or stud, then it’s a whole different conversation from where I’m going with this post. (Call us, 919-649-5058 and we’ll get specific details. If we … (1 comments)

usda home loans: Home Inspection Reports Causing Headaches at Closing - 02/18/11 02:12 AM
Many home buyers get a home inspection prior to purchasing. We think that’s a great idea, but recently, we’ve run into some last minute problems that you should be aware of!
We first saw this problem last fall with USDA Home Loan Financing... now we are seeing it across the board!
Here's the problem... if the investor, Chase for example, knows that there is a home inspection, they want to see it and they want all issues on the report fixed. Even simple stuff.
We are sometimes advising clients to avoid putting the home inspection on the HUD. Granted, this is … (6 comments)

usda home loans: USDA Home Loans in NC What To Do When Landlord is Foreclosed - 01/21/11 03:53 AM
Qualifications for a USDA Home Loan in North Carolina: Rental Payments / Housing Expense
We just sent a letter to a consumer applying for a USDA mortgage loan about a problem with the approval…
“I completely agree with you that it’s not your fault that the owner of the property was foreclosed against and due to the massive amount of foreclosures it took the bank almost a year to get around to doing something with the property.  It really is a catch 22. They want to see how you paid your existing housing expense and we cannot provide it due to … (4 comments)

usda home loans: NC Counties That Qualify for USDA Home Loans - 08/22/10 08:10 AM
My daddy always says that we "Get Rural Fast" in North Carolina... one minute you can be neighborhood after neighborhood, and 25 minutes later you are in the country! This works well for those who are looking for a home with no down payment requirements!
Every square mile of 73 North Carolina counties qualify for USDA Home Loan financing! Look at the map below - if there's no star in the county - the whole county qualifies for this financing!
BUT, as an update to this post, the newest 2010 Census Numbers could be changing where you can get a USDA … (2 comments)

usda home loans: We're Back In The Money Baby! Go #USDA! - 05/28/10 02:26 AM
USDA has been "out of money" for a couple of weeks, and they finally have a couple of dollars (2.5 Billion) to loan!  We get Rural FAST in North Carolina - which is why USDA Rural Development Loans are so important!
People who purchased and want to take advantage of the Tax Credit, are now waiting to see if USDA can underwrite their loan fast enough to be able to close by the end of June... and since there is a back log, there's no guarantee.
USDA charges a "Funding Fee" - similar to the Upfront MIP that FHA charges, and … (6 comments)

usda home loans: Forbes Offers Encouragement in Housing Market - 04/07/10 03:58 AM
There's been some speculation that the FED exit of the Mortgage Backed Security Market will cause a spike in Interest Rates, and a downturn in the housing market... not so says Forbes Magazine.  According to article, the exit of the FED is not going to HELP the Housing Market... but they point to encouraging signs that should keep us from going into that dreaded second dip.
The FED is not likely to SELL all of those Mortgage Backed Securities anytime soon.  The sale will likely be the next thing that causes mortgage rates to SPIKE.  We've had a 1/4 to … (5 comments)

usda home loans: The USDA Home Loan Shuffle - Are they running out of Money??? - 04/06/10 08:11 AM
A little birdie told us last month that USDA Rural Economic was going to run out of money... and Wells Fargo, and probably some other banks too, stopped taking any USDA Home Loan Applications. (click here for more details)
At the time... we were using about 100 million dollars in USDA Home Loans a Day from the line, and at that rate, it looked like we would run out by April 17th, 2010.
Once they ran out, we were told... the program might change, or maybe there would be a next Tax Credit Extension... or maybe Congress would just give them … (5 comments)

usda home loans: West Oaks subdivision in Fuquay Varina NC - No Money Down Loans Available - 04/05/10 09:42 AM
These great homes with TONS of square feet qualify for USDA Home Loan Financing.  While it is true that USDA announced that it will be running out of money this month... we do not think this is will be a LONG TERM problem!  Great Homes, and great financing options!  Call us with USDA Mortgage Loan questions, Steve and Eleanor Thorne, 919-649-5058

If you're looking to snag a great home at a terrific price consider West Oaks subdivision in Fuquay Varina NC.  But you'll have to be quick.  It's an area where very few homes come up … (1 comments)

usda home loans: USDA Home Loans in NC Are Affordable! - 03/01/10 08:21 AM
In North Carolina, we get RURAL in a hurry!  I mean you can be in an area where you hear Roosters when you wake up, and only have to drive about 25 minutes to your job at the Research Triangle Park!  One of the programs that folks in this area are interested in, because it IS available - is the USDA Home Loan that's been specifically designed for those who want to live in a more Rural Area... like Holly Springs, or Wake Forest!
To qualify for the mortgage loan, the home must be inside the "Foot Print" that the USDA Home … (6 comments)

usda home loans: If You Are Thinkin' $8000 and USDA Home Loans... 1 Word - "HURRY!" - 08/24/09 11:42 AM
We are seeing many customers purchasing in our area using the USDA Home Loan - Rural Development Program.  It does not require that you purchase a farm, although it does restrict the purchase to more rural areas.  In the Triangle, meaning Wake, Franklin, Durham, Orange, Johnston and Harnett Counties - we have several USDA Offices.
Why would you care where the USDA Offices are? Because, unlike ANY OTHER LOAN PROGRAM, USDA Home Loans must be "re-underwritten" by the folks at the office assigned for your county.  No switching to an office that might not be as busy... you go to the … (3 comments)

usda home loans: "Excuse-itis" What's Your Favorite Flavor? - 07/30/09 12:16 AM
We made calls yesterday to Real Estate Offices, and New Construction Subdivisions... and we got "Excuse-itis" everytime we got out of the car!  These places were all within 10 square miles of each other - so you would think the "health" of Real Estate in that little area would be relatively the same! 
At one stop, the Agents were B-U-S-Y!  I mean they were so busy no one has time to learn about using FaceBook to connect with past customers!  So busy no one has time to consider joining discussions on the hyper-local forums in thier office!  These folks were B-U-S-Y!... … (11 comments)

usda home loans: 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 home loans: READ THIS Credit Score Requirements C-H-A-N-G-I-N-G! - 01/23/09 06:43 AM
Everybody needs to Move it, Move it, Move it!!!
'Cause minimum credit scores are going UP! 
I'm not talking about folks having BAD credit and having trouble buying a home... but I have a borrower right now that has a 618 score - NO LATE PAYMENTS.  He has 20 years of credit history...
He owes Best Buy and Macy's and Room to Go (And Amex, and Bof A for 2 cars, and Wachovia for a mortgage or 2).  NO LATES. But his middle score is 618.
Well, according to our friends at Wells Fargo - pretty soon this borrower (who makes … (0 comments)

usda home loans: 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)

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

Eleanor Thorne

Equity Resources 919-649-5058

Cary, NC

More about me…

Equity Resources

Address: 201 Shannon Oaks Circle, Suite 204, Cary, NC, 27511

Office: (919) 649-5058

Mobile: (919) 649-5057

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