rural home loan: Step 3 in the 10-Step Homebuying Process
- 01/06/11 11:41 AM
Step 3. Home Search - You and your Real Estate agent are now ready to go and search for a home. First-Time Homebuyers often wonder if they need to use a Real Estate Agent, especially if they have friends or relatives who they feel can guide them through the process. We always recommend working with a Licensed Real Estate Agent for many reasons, but here are 4 of the biggest: •1. You want a professional to guide you through the transaction. Friends and family are great, but they don't have the experience, tools, or legal knowledge necessary to ensure that … (0 comments)
rural home loan: Step 2 in the 10-Step Homebuying Process
- 01/05/11 08:53 AM
Step 2. Pre-approval- The 2nd step in the Home-buying process is Pre-approval. This can be done along with your initial consultation, or it can be done at a later date.
2-a. The first step toward pre-approval is to fill out a loan application. This can usually be done either in person, over the phone, or online through your lender's website. Here is the link to our online application.
It is not necessary to have an answer for every single question on the application, but it is critical to fill out the application as completely and accurately as possible. … (0 comments)
rural home loan: Step 1 in the 10-Step Homebuying Process
- 01/04/11 07:04 AM
Step 1. Initial Consultation - The first step in the process is to meet with a mortgage lender to discuss your goals and needs. This is a great opportunity to get all of your questions answered regarding financing and buying real estate. It is also the time where your lender will get to know more about you so that they can begin the process of determining which loan program will best suit your needs.
Some of the questions the lender may ask would be:1. What do you do for a living? How long have you worked … (3 comments)
rural home loan: The 10-Step Homebuying Process
- 01/04/11 06:51 AM
There is much agreement in the Real Estate circles that 2011 will be a year of increased homebuying. According to a recent article on Fortune.com, "In November (2010), the share of home purchases by first-time buyers surged to 37.2% from 34.4% the previous month, according to a monthly survey by Campbell/Inside Mortgage Finance, which tracks mortgage and housing industry trends." The website of the National Association of Realtors says that "Existing-home sales are projected to rise about 8 percent to 5.2 million in 2011 from 4.8 million in 2010″. Mike and I thought this would be the perfect time to educate … (0 comments)
Great News!!! The USDA program seems to be on the verge of securing new funding. Investors who purchase USDA loans are now beginning to issue guidance on how to handle the loans in the meantime. See below: "Fiscal Year 2010 Appropriated Funds - Issuing Conditional Commitments once Appropriated Funds are Exhausted The Single Family Housing Guaranteed Loan Program (SFHGLP) will issue Conditional Commitments once currently appropriated funds for Fiscal Year 2010 are exhausted. Conditional Commitments will be issued "subject to the availability of funds and Congressional authority to charge a 3.5 percent … (0 comments)
rural home loan: USDA OUT OF MONEY...?
- 03/10/10 08:59 AM
photo courtesy of Francesco Marino at freedigitalphotos.net The rumors are already swirling that USDA could be running out of money to fund loans in the near future. I received the following e-mail this morning: "Loan Officers, This message is to notify you that program funding for the single Family Housing Guaranteed Loan Program will likely be exhausted by the end of April, 2010. Once funding is exhausted, the Agency will not issue Conditional commitments "subject to receipt of appropriated funds." This is because it is not certain when additional funding will be available. Limited Funding may become available for disaster … (0 comments)
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