100 financing: USDA (GRH) FUNDING UPDATE - 06/01/11 10:54 AM

In recent years, funding shortages due to overwhelming volume and program demand may have prohibited some homebuyers from utilizing the USDA Guaranteed Rural Housing Loan Program.  Fiscal year 2011 is different and Congress has responded to lender requests for more funding by delivering $24 billion for the current fiscal year (through September 30, 2011)!   

BUY WITH CONFIDENCE!  Future Guaranteed Loan Funding Updates will continue to be released in order to keep our customers  informed of available funding levels.

Jeff Wilmoth | Homestar Financial Corporation 848 Jesse Jewell Parkway … (0 comments)

100 financing: Georgia USDA Rural Development Funding Restored - 09/10/10 06:16 AM
On September 8, 2010, funding for the USDA Guaranteed Rural Development Program was restored nationwide.
As a result, Georgia Rural Development Field Offices will be completing the funding process for loans which received "Subject to" Conditional Commitments.  This process will take priority over new file submissions.  There are over 500+ "Subject to" files for the Georgia Rural Development Field Offices to process.
New loans will be held until all "Subject to" obligations have been completed. We have been advised that it will take the State of GA approximately 1 ½ to 2 weeks to complete the backlog of all files.  
Many … (0 comments)

100 financing: Possible First-time Homebuyer Tax Credit Extension - 07/01/10 05:47 AM
Tuesday June 29th, the U.S. House of representatives passed a bill to extend the homebuyer tax credit by a vote of 409-5.  Currently in the Senate, the homebuyer tax credit extension exists under the "Worker, Homeownership, and Business Assistance Act of 2009".  The Senate version of this bill would allow borrowers who have gone under contract by April 30th, 2010 to be able to utilize the homebuyer tax credit as long as they close by October 1, 2010. 
Most of us in the industry have already closed or sold to those who have gone under contract by the April 30th deadline.  … (2 comments)

100 financing: Updated Income Limits for the USDA Guaranteed Rural Housing Program - 06/04/10 05:48 AM
Updated Income Limits for the USDA Guaranteed Rural Housing Program 
Effective June 2, 2010, the USDA Guaranteed Rural Housing (GRH) Program offers even greater flexibility for your clients in terms of income limits.  The base income limits for the USDA Guaranteed Rural Housing (GRH) Program have increased.  The standard 2 tier system is still in place, however now more families can have access to the program due to the increased income limits.  The 1st tier provides an income limit for household sizes of 1-4 persons and the 2nd tier provides an income limit for household sizes of 5-8 persons.
Here are … (2 comments)

100 financing: May 11th 2010 USDA Authorizes Conditional Commitments - 05/11/10 11:12 AM
Update for the USDA Guaranteed Rural Housing Program   
Effective May 11th 2010
USDA has authorized the issuance of Conditional Commitments for the Single Family Housing Guaranteed Program (SFHGLP) after currently appropriated funds are exhausted.  So what does this mean?  Well, think of it as Washington's early Christmas present to the real estate community and the families in rural communities throughout North America.
USDA predicts that currently appropriated funds will be exhausted on or after May 12, 2010.  When all funding is exhausted, USDA will continue to accept complete loan applications and issue Conditional Commitments "subject to the availability of funds … (0 comments)

100 financing: Funding Update for the USDA Guaranteed Rural Housing Program - 04/28/10 03:37 AM
Rural Housing Preservation and Stabilization Act of 2010

Yesterday April 27th, 2010, the U.S. House of Representatives passed the Rural Housing Preservation and Stabilization Act of 2010 (H.R. 5017) by a vote of 352-62 to ensure that families in rural communities continue to have access to much-needed affordable mortgages at no cost to the taxpayers.  Through this legislation, the guarantee fee in the USDA Guaranteed Rural Housing (GRH) Program may be raised to offset any need for Congressional appropriations.  H.R. 5017 would raise the cap on the amount of the annual premium that is charged to borrowers under the single-family … (5 comments)

100 financing: Common Misconceptions Among Buyers - 04/07/10 09:24 AM
While browsing the real estate blogs I ran across this great article from Colleen McConnell of Tallahassee FL about common misconceptions among buyers.  This is a MUST READ for buyers who are contemplating purchasing a home in this market.  Thanks Colleen!

Misconception: If you pay list price, you're paying too much.
If you don't know what the current market value is for homes in the area and whether the market is appreciating or depreciating, you don't know what a fair price is and you're likely to miss out on a great deal by trying to low ball a house that's … (2 comments)

100 financing: April 6, 2010 USDA Guaranteed Rural Housing Update: - 04/07/10 09:18 AM
If you are in the market to buy a home and need 100% financing, you'd better hurry!!!  
According to the April 6th, 2010 Funding Update for the USDA Guaranteed Rural Housing Program, the total available purchase funds remaining for fiscal year 2010 are: $2,548,636,600! 
While that may sound like alot of money, currently funds are being exhausted at a rate of over $310 MILLION per week. 
IF USDA maintains this pace, funding could be exhausted within the next 8 weeks!
So, what does this mean? If you are in the market to buy a home and need 100% financing this … (0 comments)

100 financing: USDA Funding (continued)... - 03/17/10 02:20 PM
Recently USDA announced concerns regarding the availability of funds for fiscal year 2010 and that funding will likely be exhausted by the end of April 2010. According to Chase Rural Housing Services, the remaining funds for purchase transactions for the USDA Guaranteed Rural Housing Program, effective March 15, 2010 are 3.9 Billion dollars.
Rest assured, once a loan has been approved by USDA, the loan will not be affected by the lack of funds.  When USDA approves a loan they issue what is termed a Conditional Commitment (RD Form 1980-18). The Conditional Commitments are issued for a period of 90 days, so … (6 comments)

100 financing: USDA funding... - 03/16/10 09:06 AM
I've received numerous calls and emails about this very topic.  I understand there are various notices floating around from lenders essentially claiming that USDA is pulling the program.  Apparently, some of the "big boys" are pulling out of the program and as a result have decided to employ scare tactics.  I'm sure there will be more to join the bandwagon. 
Many lenders who traditionally in the past have not focused on the program are claiming that USDA is no longer accepting files.  This is untrue. 
On March 9th, USDA issued a statement that funding is likely to be exhausted by the end … (3 comments)

100 financing: USDA Rural Housing 100% Financing - 03/12/10 02:24 PM
It is hard to beat the flexibility and great rates of HomeStar Financial Corporation's USDA Rural Housing Loan. These programs are geared toward homebuyers who desire to live in "rural areas" and who have little to no money for downpayment. USDA Rural Housing Loan programs offer flexible, common sense underwriting guidelines, relaxed credit requirements, NO PMI (private mortgage insurance), the ability to finance closing costs into the loan amount, lenient seller concessions, and rates that are comparable to, if not better than, conventional fixed rate mortgage programs.Your first step should be to call a HomeStar Financial Corporation Mortgage Pro at 404-597-5662 to see if … (4 comments)

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Jeff Wilmoth

Newnan, GA

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HomeStar Financial Corporation

Address: 45 Newnan Station Dr. Suite B, Newnan, GA, 30265

Fax: (678) 456-1600

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