usda: Mortgage loan applications are down for the week of April 12th but does anyone know why? Maybe it’s USDA.
- 04/14/10 02:45 AM
The Mortgage Bankers Association reports that mortgage applications for the week ending April 9th are down almost 10% from the previous week. They go on to cite the recent increase in FHA upfront mortgage insurance as the main factor, and they likely have numbers to back up that statement. What the press release says is that a 19.1% decrease in "government purchase applications" fueled the drop, but do their numbers break down what specific programs were impacted most? My point is that as of last week most lenders in the country have given up on taking USDA Guaranteed Rural Development … (0 comments)
usda: USDA Rural Development loans expecting to run out of funds by late next month
- 03/11/10 01:57 AM
Updated information- Check it out below I normally hate titles that are meant to scare people into reading but unfortunately this time there is no exaggeration to the severity of the issue. USDA Guaranteed Rural Development loans, one of the best low/no down payment financing programs left, has recently announced they expect to be out of the funds they use to guarantee loans by late April. If no action is taken by Congress to re-appropriate more funds then it will be the next budget year, after October, before we have this financing option again. But the Tax Credit deadline is looming … (46 comments)
usda: I CAN close YOUR mortgage loan in ten days or less!
- 02/24/10 02:12 AM
But the truth is, I probably won't. So why do more and more lenders continue to make promises like these? Maybe because it makes their phones ring, because it gives them a chance to do a loan they otherwise may not have gotten. Maybe they are OK with the fact that a true ten business (oh, did I forget to say they were business days J) day close is an exception, not a rule; but since they do it occasionally they don't feel like they are stretching the truth. What do you think? If it's not customary to close most of … (22 comments)
usda: Happy New Year and the Homebuyer Tax Credit
- 12/31/09 01:21 AM
As we wind down 2009 we can look back at what was a rough year in Real Estate. That is unless you were one of the buyers the got a great deal on a new home and collected on the Tax Credit too. Many first time buyers capitalized on it and now it has been expanded to include some previous homeowners as well. For details and more info regarding the Homebuyer Tax Credit see the links in this article. Do know, as we celebrate New Year's Eve, that we have only 121 calendar days left to sign a contract on a … (6 comments)
Last Friday the USDA formally announced it was entering its annual "roll over" of funding as of its new fiscal year October 1st. This mainly administrative action results in USDA's funding being delayed until it's made available through the General Accounting Office (GAO). This by no means indicates the USDA is out of funds! What it does do is delay funding for loans and guarantees. While there are still a number of lenders that can and do close and fund loans during this period, the vast majority of lenders do not. This doesn't mean your loan won't close, it … (4 comments)
usda: USDA Rural Development loans are NOT out of money, and other important facts…
- 09/29/09 10:37 AM
Last Friday the USDA formally announced it was entering its annual "roll over" of funding as of its new fiscal year October 1st. This mainly administrative action results in USDA's funding being delayed until it's made available through the General Accounting Office (GAO). This by no means indicates the USDA is out of funds! What it does do is delay funding for loans and guarantees. While there are still a number of lenders that can and do close and fund loans during this period, the vast majority of lenders do not. This doesn't mean your loan won't close, it just … (39 comments)
usda: So what’s the skinny on extending the First Time Buyer Tax Credit?
- 09/24/09 11:57 AM
You hear plenty of talk from NAR (National Association of Realtors) and the NAHB (National Association of Home Builders) regarding the push to extend the First Time Buyer Tax Credit, but what is really going on with it? There is little argument the program has been successful in spurring sales and I can say from experience it's doing great things for many a first time buyer. Will it be continued? Will it be expanded or increased? Will it be forgotten? Those of you who follow my blogs know I prefer to stay in the realm of fact as opposed to opinion. … (7 comments)
usda: USDA appraisal requirements changing July 01, 2009
- 06/26/09 08:37 AM
The last holdout- USDA- will be requiring the 1004MC addendum to the appraisal on all Rural Development loans effective July 1, 2009. Up to now they were the only loan program to not require it so the news certainly doesn't come as a surprise.
The memo from USDA states files in process prior to that date can be submitted without the 1004MC until July 31, 2009. After that all files must include the addendum. Personally I have not seen any negative impact from the inclusion of the addendum on FHA and VA loans, so I expect no negative repercussions from … (3 comments)
Today the USDA announced it regular allocation of funding had been credited is now available for use. These are the funds that can be used to guarantee refinance loans (you can only refinance a current Rural Development loan) and homes with pools. Remember pools still require a special exception t be approved. If the appraised value of the home doesn't exceed the purchase price by the value given to the pool, your buyer would have to pay the difference. Talk to a knowledgeable RD lender for more details. Also, if you are considering purchasing a home and using the … (2 comments)
usda: USDA income limits change April 20, 2009 for Lake County
- 04/10/09 12:19 AM
It's been confirmed! The income limits in Lake County (and the entire Orlando area) for USDA Guaranteed Rural Development loans will go up to $70,750 for households from 1-4 persons and $92,400 for households from 5-8 persons. No false start anymore folks. We can start taking and processing applications immediately but cannot submit them to the USDA until 04/20. Folks don't take this lightly. I did my preliminary research on this change when it was first announced and discovered EVERY FHA deal I had done would have qualified for RD. Why is this a big deal? RD has no … (0 comments)
usda: Rural Development loans not jumping on the appraisal change bandwagon
- 04/07/09 08:10 AM
I just confirmed that the USDA will not be requiring the new 1004MC form for their appraisals. This in spite of the fact that Fannie and Freddie, FHA/HUD and the VA are requiring them. That effectively makes RD loans the only ones NOT requiring this additional info. Coupled with the fact you can still order your own appraisals through local expert appraisers, not some national company, this makes the RD loan program mighty attractive! As if you didn't have enough reasons before to like the program- count these benefits on top of such attractive features like: 100% financing, that can include closing … (0 comments)
usda: USDA Rural Development loans no longer accepting ANY pools?-updated 04/08/09
- 04/06/09 11:35 AM
Those who know me know I don't usually repeat hearsay. I like to confirm things beyond a shadow of a doubt before writing about it but this is just too important not to share. I heard from a reliable source today that because of some wording in the new funding allocation for USDA RD loans that they were no longer accepting pools under any circumstances. Those of us familiar with RD loans know there has always been an exception process to approving pools. It seems that may now be gone. My trusted source in Florida is out until tomorrow so … (8 comments)
usda: USDA Rural Development program receives new funding
- 03/23/09 10:20 AM
The USDA announced Friday that the funding allocated by the recent economic stimulus bill had been received. Many lenders continued to close and fund RD loans awaiting this allocation but others stopped closing them. With this notice look for many lenders to get back into the RD game. Indeed Suntrust just announced today that they are once again accepting RD loans. On a separate note, we have been notified the anticipated income guideline changes will not become effective until late April or early May, and although there is no guarantee they will pass "the Agency is very optimistic the change … (4 comments)
usda: Latest update on availability of funds for Rural Development loans
- 02/26/09 02:12 AM
Pursuant to my sources at the USDA it will be taking about another two weeks for the funding allocated by the recent economic stimulus bill to trickle down to retail levels. For those who are seeking a Guaranteed Rural Development loan from a lender such as myself, this should not affect you since we are still funding loans in anticipation of the money we know is coming. If you are working with another lender who is not funding loans, it's probably worth it to wait with them as opposed to starting over with another lender. Do know, however, they have … (8 comments)
usda: Part 2- Economic Stimulus Package can be law by as early as next week. What does it mean for us?
- 02/13/09 04:13 AM
It's Friday the 13th and Jason is walking the hallowed halls of Congress making laws I personally hope we don't come to regret. We have all heard many conflicting reports on this legislation but sketchy details have been confirmed. What does it all mean to us and our industry? As of this time the bill and much of the supporting documentation is available at the following link: http://www.conferencereport.gpoaccess.gov/DefaultN.aspx?AspxAutoDetectCookieSupport=1 It proposes keeping the existing first time buyers tax credit program intact with the following changes: 10% to $8k credit max waives the repayment provision on homes purchased after 12/31/08 (it is retroactive!) … (9 comments)
usda: Economic Stimulus Package can be law by as early as next week. What does it mean for us?
- 02/11/09 12:16 PM
IF YOU ARE FOLLOWING THIS POST PLEASE LINK OVER TO PART 2 HERE FOR AN UPDATE NEW UPDATE-as of 10a EST, 02/13/09- It is Friday the 13th and some very scary things may be happening today. The summary is available and basically confirms what we have been hearing in the press. The bill should have these points: 10% to $8k credit max waives the repayment provision on homes purchased after 12/31/08 (it is retroactive!) extends the date to homes purchased on or before 11/30/09 allows for recapture of the credit within 36 months if the home is sold or ceases … (37 comments)
As we look back at 2008 and it's last month, real estate sales seemed to take a very predictable path. Once again there were about 200 single family homes sold (202 to be precise). Once again it was the $100- $140k price range that garnered most of the sales (57 units or 28.2%). The local market seems to be reaching an apparent equilibrium. More homes were sold in the $120-$140k range than any other month in 2008 (39 homes) but it appears these sales are freeing up some move up buyers because December also represented one of the highest … (2 comments)
usda: December sales trends in Lake County FL- the market is becoming very clear
- 01/17/09 01:17 AM
As we look back at 2008 and it's last month, real estate sales seemed to take a very predictable path. Once again there were about 200 single family homes sold (202 to be precise). Once again it was the $100- $140k price range that garnered most of the sales (57 units or 28.2%). The local market seems to be reaching an apparent equilibrium. More homes were sold in the $120-$140k range than any other month in 2008 (39 homes) but it appears these sales are freeing up some move up buyers because December also represented one of the highest months … (2 comments)
usda: Breaking news- Rural Development income limits are NOT changing on January 20th!
- 01/14/09 12:22 AM
We have all been anticipating changes in the income guidelines for RD loans to be increased, however today the USDA announced it will not be making those changes until at least March 20, 2009. The changes would allow families from 1 to 4 members to qualify at the 4 person income limit ($70,750 in most areas of Florida), and families from 5-8 members could qualify at the 8 person income limit ($93, 400 respectively). This delay comes just as we were expecting the change to take place so it has the potential to impact the plans of many buyers. Although … (0 comments)
usda: RD loans no longer underutilized...latest info on program funding
- 01/05/09 11:55 PM
The USDA sent out a notice regarding availability of funds yesterday and estimating funding for the current period would be exhausted by January 9, 2009 "if not sooner". They site demand at historic highs as the reason for the shortfall, and this comes as no surprise to those of us that have been using the program. They are clear to state, however, that they will continue to take and process applications and a source of mine expects additional funding to be online shortly after the inauguration of President Elect Obama. That said the delay in funding should be short lived. In the … (7 comments)
Local information regarding Mortgage lending in Central Florida including Orange, Seminole, Osceola, Lake, Volusia and Marion Counties. Also providing up to date information on HUD and government loan programs, and first time buyer programs. I'm required to tell you I'm not acting on behalf of HUD/FHA or the US Government!
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