homestar financial corporation: USDA Rural Development Eligible Area Changes *** UPDATE*** - 03/21/13 04:51 AM
ATTENTION HOMEBUYERS: USDA (GRH) UPDATE


 
On Wednesday March 20th 2013, the Senate approved legislation that would fund the government thru the end of September.  Inside this legislation is included a Continuing Resolution to extend the current USDA territories for an additional 6 months. 
If passed, families seeking to purchase homes thru the USDA Rural Development Home Loan would be able to proceed with financing in areas that are expected to become ineligible.  In Georgia, this affects families in areas such as Cusseta, Monroe City, Villa Rica and Winder, Georgia
It is now up to the House of Representatives to advance the … (1 comments)

homestar financial corporation: USDA Funding Update - October 20, 2011 - 10/20/11 08:10 AM
ATTENTION HOMEBUYERS: USDA (GRH) FUNDING UPDATE
FISCAL YEAR 2012 FUNDS AVAILABLE UNDER
CONTINUING RESOLUTION!
 
Fiscal Year 2012 funds have been made available for purchase transactions for the USDA Rural Development Loan Program under a Continuing Resolution which expires on November 18, 2011. 
 
At this time we can only provide funding information through the expiration of the current Continuing Resolution (November 18, 2011), however, we will advise of any changes in funding as soon as they become available. 
 
Georgia's #1 USDA Rural Development Lender

Jeff Wilmoth | Homestar Financial Corporation 848 Jesse Jewell Parkway Gainesville, GA 30501Direct: (404) 597-5662 | Jeff@JeffWilmoth.com
 
Mortgage Loan … (0 comments)

homestar financial corporation: USDA (GRH) FUNDING UPDATE - 06/01/11 10:54 AM
ATTENTION HOMEBUYERS: USDA (GRH) FUNDING UPDATE

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)!   
As of May 26, 2011 Over $15 BILLION REMAINS TO SERVE USDA GRH RURAL HOMEBUYERS!

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)

homestar financial corporation: 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)

homestar financial corporation: Funding Restored for the USDA Guaranteed Rural Development Program - 09/08/10 03:51 AM
Funding Restored for the USDA Guaranteed Rural Development Program
Effective September 8, 2010, USDA Rural Development has announced that the Agency has completed all system enhancements to support the newly legislated guarantee fee of 3.5% and that funding for the USDA Guaranteed Rural Housing (GRH) Program has been fully restored.    

If you would like further information about the USDA Rural Development Program, then your first step should be to call a HomeStar Financial Corporation Mortgage Professional at 404-597-5662.  HomeStar Financial Corporation, a Nationally Approved USDA lender is the #1 USDA Lender in Georgia!
     
Jeff Wilmoth | HomeStar Financial … (2 comments)

homestar financial corporation: FHA Proposed Rule Changes - ACT NOW! - 07/28/10 11:43 AM
Will you take action?
FHA has recently requested public opinions and comments regarding proposed rule changes to the FHA home loan program. 
Basically, FHA is proposing to change the following:
1. Update the combination of credit and down payment requirements for new borrowers
2. Reduce allowable seller concessions from six to three percent.
3. Tighten underwriting standards for manually underwritten loans
Please understand that these rules have only been proposed and have not been made final.  
Now is your opportunity to make a difference and voice your opinions on these matters.  Hopefully we can all make a difference and change the minds over at FHA before they … (5 comments)

homestar financial corporation: 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)

homestar financial corporation: Another Tax Credit Extension??? - 06/14/10 03:14 AM
On Thursday, June 10th, Congress introduced new legislation which, if passed, could extend the deadline to close loans in order for potential homebuyers to receive the homebuyer tax credit.  The extension could increase the required close by date from June 30 to September 30, 2010. The legislation doesn't affect who may qualify for the tax credit. To qualify, you still must have signed a contract by April 30, but it will relieve some of the pressure to close by June 30. Buyers who did not expect to close by June 30 may now be able to qualify and or have sufficient time to shop … (4 comments)

homestar financial corporation: 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)

homestar financial corporation: 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)

homestar financial corporation: Funding Update for the USDA Guaranteed Rural Housing Program "When will we have more USDA funding." - 05/10/10 05:38 AM
Many industry professionals have asked "When will we have more USDA funding."  
Nationwide available funding was at about 600 million as of May 4th, 2010.  As of May 7th, there were approximately $328 million in remaining funds available for purchase transactions.  Currently funds are being exhausted at a rate of approximately 90 million per day.  This means we may have funds for 4 to 5 more days as of May 7th, 2010.
At the state level, Georgia only had 2 million remaining at the end of May 4th, 2010.  Georgia will possibly receive additional funding if there are available funds from … (4 comments)

homestar financial corporation: 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)

homestar financial corporation: April 22, 2010 USDA Funding Update - 04/22/10 11:22 AM
YIPPEE!!! H.R. 5017 PASSES IN COMMITTEE!!!
Folks, it appears the political wheels are finally turning in favor for the USDA Rural Housing Program! 
Today, the House Financial Services Committee unanimously passed H.R. 5017, better known as the Rural Housing Preservation and Stabilization Act of 2010. 
What this bill proposes is a complete resolution to the current funding shortage surrounding the USDA Rural Housing Program by allowing the program to pay for itself, rather than rely on federal funding to allow the continued access of the program for potential homebuyers.  In order to pay for the program, lenders could pay up to a … (0 comments)

homestar financial corporation: Dear Seller - Ten Sure Fire Ways to Distract Buyers from Focusing on Your Home. - 04/09/10 01:44 AM
While browsing the real estate blogs I ran across this great article from Noelle Blazevich of North Bend, WA about the buyer's perspective on viewing homes for sale.  This is a MUST READ for homeowners contemplating selling there current home in this market.  Thanks Noelle!

 This may seem a bit harsh but it is just plain speaking honest commentary regarding my experience as a buyer's agent.  The statements below are taken directly from the comments and behaviors of buyers viewing homes for sale.  It not meant to be negative but rather is meant to give sellers a bit of a look into the buyer's head.  A chance … (0 comments)

homestar financial corporation: 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)

homestar financial corporation: 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)

homestar financial corporation: 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)

homestar financial corporation: USDA funding... - 03/16/10 09:06 AM
DO NOT PANIC...
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)

homestar financial corporation: 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

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