mortgage: FHA Loan Limits in Nashville Tennessee - 05/10/13 06:06 AM
FHA Loan Limits in Nashville and Tennessee 2015
FHA loans are a great resource that opens the door to home ownership to many buyers that otherwise would not be able to qualify for a loan for the purchase of their new home.
FHA loans have a much more relaxed and forgiving approach to underwriting in regards to:
     -Credit: Credit Scores as low a 620,   Buyers with past credit issues such as bankruptcy and foreclosure can qualify in as little as 1 year after filing chapter 13, 2 years after discharge of chapter 7 and 3 years after a … (1 comments)

mortgage: Buy a Home in Smyrna TN with no Down Payment; USDA Rural Development - 04/10/13 06:39 AM
You can buy a home in the Smyrna Tennessee area with no money down
The  Tennessee Development Loan Program is designed to help home buyers outside of highly populated areas  to buy a home without having to overcome the obstacle that of Down Payment that prevent  many from the dream of home ownership
While the properties in the city limits of Smyrna do not qualify for the Rural Development Program,  you can see on  the map below, you not need to go far outside of Smyrna to find homes that are in an area that is eligible for the Rural Development … (0 comments)

mortgage: Buy a Home in Spring Hill, TN with Zero down payment; USDA RD Loans - 04/10/13 03:41 AM
You can buy a home in the Spring Hill Tennessee area with no money down
The  Tennessee Development Loan Program is designed to help home buyers outside of population centers to buy a home without having to overcome the obstacle that prevent  many from the dream of home ownership, down payment.
While the homes within the city limits of Spring Hill,  do not qualify for the Rural Development Program,  you can see from the map, one does not need to go far outside of Spring Hill to find an area that is eligible for the Rural Development loan program and the … (0 comments)

mortgage: Buy a Home in Murfreesboro, TN with Zero Down; Rural Development loan - 04/03/13 10:47 AM
The  Tennessee Rural Development Loan Program is designed to help home buyers outside of population areas, such as Murfreesboro, TN  buy a new home without having to struggle to come up with a down payment, which is the reason that many would be homebuyers are unable to buy.
While the homes in the city limits of Murfreesboro Tennessee are not eligible Rural Development Financing, as you can see from viewing this map, you do not have to go far outside of Murfreesboro, Tennessee to find an area that is eligible for the Rural Development loan program and the no down payment opportunity.  … (0 comments)

mortgage: Rural Development Loan in Columbia Tennessee, No Down Payment Required - 04/03/13 05:56 AM
You can buy a home in the Columbia Tennessee area with no money down
The  Tennessee Development Loan Program is designed to help home buyers outside of population centers purchase a new home without having to overcome the hurdle that keep so many from the dream of home ownership, down payment.
While the homes in the city limits of Columbia Tennessee do not qualify for Rural Development Financing, as you can see from the map below, you do not have to go far outside of Columbia to find an area that is eligible for the Rural Development loan program and the … (0 comments)

mortgage: No Down Payment Homes Cookeville,TN; Rural Development Eligible Area - 02/26/13 01:20 AM
The USDA Cookeville Rural Development loan program helps home buyers in eligible areas purchase a home without having to have a down payment, they can finance 100% of the price of the home. RD loans, as they are commonly referred to, has relaxed underwriting requirements regarding past credit issues, as well as relaxed debt to income restrictions for those with higher credit scores.
The Cookeville Rural Development program is only for homes in designated rural areas, outside of population centers such as Cookeville.  Although homes within the city limits of Cookeville are not Rural Development eligible, you do not need to … (1 comments)

mortgage: Rural Development Loans in Jackson TN, Buy a Home with no down payment - 02/25/13 02:46 PM
Jackson is the county seat of Madison County, Tennessee.  The total population of the city at the 2010 Census was 65,211.
The city of Jackson is the only area in Madison county that is not eligible for 100% financing using the USDA Rural Development home loan.  Rural Development, or RD loan allows buyers in eligible areas purchase a home without a down payment.  They are able to finance 100% of the purchase price of the home. However, the program has income as well as geograhic limits.  The income limits are based on the size of the family and takes into account … (1 comments)

mortgage: Rural Development Loans in Clarksville TN, Buy a Home with zero down - 02/25/13 01:36 PM
Rural Development Loans in Clarksville TN 
Clarksville the county seat of Montgomery County, Tennessee. Clarksville 5th largest city in Tennessee with a population of 132,929 in the 2010 Census. Clarksville is the 9th fastest growsing city in america among cities with populations greater than 100,000. While Clarksville is the home of Ft Campbell and members of the military qualify for VA loans which do not require a down payment, there are still many in the area that do not qualify for VA loans that still benefit from the USDA Rural Develepment loan program.  The RD loan allows for the purchase of a … (0 comments)

mortgage: Should You Pay Points for a Lower Mortgage Rate in Knoxville - 05/21/12 09:18 AM
MORTGAGE POINTS AND FEES EXPLAINED FOR HOMEOWNERS IN KNOXVILLE AND EAST TENNESSEE
Paying fees up front to lower your interest rate and monthly payment might sound like a bright idea, and even look good on paper… But are they really worth it
For some Knoxville home buyers , it could be, but for others, not so much. This is why it can be a rather confusing topic for many looking for a good deal on their home loan.
If you really want to know if paying fees is a good deal for your particular situation, you need to calculate what your … (1 comments)

mortgage: FHA Mortgage Insurance Increases For Tennessee April 1, 2012 - 03/05/12 12:18 AM
On April 1, 2012, FHA mortgage insurance premiums (both the upfront and monthly Premiums) will increase to replenish the FHA depleted accounts.
Although FHA  mortgage interest rates continue to remain at all-time lows, FHA mortgage fees are increasing, making the cost of buying a home or refinancing a home more expensive.  The consecutive increase in FHA mortgage insurance premiums may limit a home buyers “buying power” but protects the nations primary “low cost” mortgage program for homebuyers. 
There was a great article in the Washington Post explaining the current financial situation of FHA if you are interested in learning more – … (1 comments)

mortgage: Help My Loan Has Been Turned Down, Declined or Denied - 01/11/12 07:01 AM
Has your application for a home loan or mortgage been turned down, declined or denied?  
 

 There are many reasons why a home loan or mortgage application would be turned down, declined or denied.
1. Low Credit Scores: The minimum credit score requirements for home loans have risen over the last few years.  Where it was common to see loans approved with scores below 600 now most lenders require a minimum score of at least 640 to approve a home loan.
However, a seasoned and savvy loan officer will often be able to formulate a plan to help you … (0 comments)

mortgage: Congress Passes Law to Raise Mortgage Rates - 01/11/12 05:33 AM
Tax Cut to be Financed by Higher Mortgage Rates
 
In 2011 Congress voted to decrease the employees portion of the Social Security tax from 6.2% to 4.2%.  This cut was set to expire, and the rate go back to the 6.2% it was before, but was a two month extension was recently signed by the president.
As part of the extension of the Payroll Tax Credit, Congress has passed the Tax Cut Continuation Act of 2011.
As part of the Act, the Federal Housing Finance Agency FHFA is directing Fannie and Freddie to increase their guarantee fee by 10bps. starting 4/1/12.  As … (1 comments)

mortgage: Top Reasons to Refinance Your Mortgage - 09/15/11 05:44 AM
Naturally, if you’re paying 5% for your mortgage and you can refinance at 4%, you’re gonna do it. Although cutting your monthly payment remains an prime motivation, there are at least five other reasons people often consider a mortgage refinance.
1. Change your mortgage term If you decrease the term of your mortgage in a refinance by going from a 30-year to a 15-year, you’ll pay a lower interest rate and shorten your overall interest costs. You will build  more equity much quicker , and pay off your home much  sooner, even though your monthly payments may go up slightly.  This … (0 comments)

mortgage: Meet Bill McDonald Mortgage Lender - 09/02/11 04:30 AM
  As a mortgage lender I have come to realize that people do not WANT a mortgage.  In fact they work hard for 30 years to rid any they may have. What people WANT is a home, and just need a mortgage to satisfy that want.
It is with this understanding that I have decided to learn all I can about marketing the thing that the do want, homes.  I have compiled systems that will aid Realtors in acquiring leads, keeping the leads they have as well as generating buyer leads.
It is my goal to develop a mutually beneficial relationship with … (0 comments)

mortgage: How Old Will You Be In 15 years? How Old Will You Be in 30 Years? - 08/03/11 02:30 PM
Would Paying Your Mortgage Off 15 Years Earlier
Improve Your Retirement?

With mortgage rates near historic lows, now is a great time for many people to consider trading in their current 30 year mortgage, and the 20+ remaining years and save over a hundred thousand dollars in interest with a 15 year loan.


 
When you analyze the numbers, the savings can be staggering, you may have to go back and do the math a couple of times before can believe how much you can really save.

There are many benefits of a 15 year loan over … (0 comments)

mortgage: Home Values Up in May 2011 - 07/28/11 03:01 AM
Standard & Poors released their 05/11 Case-Shiller Index this week. The index measures change in home prices from month-to-month, and year-to-year, in certain U.S. cities.
May’s Case-Shiller Index showed a 1% increase from 05/11. Home prices rose in 16 of the Case-Shiller Index’s 20 cities.  The cities that did not see an increase, Detroit, Las Vegas and Tampa, saw a decrease in value while Phoenix was flat.
Don’t look too into  into the numbers, though. Like the FHFA’s Home Price Index, the Case-Shiller Index is full of   flaws.
The first  such flaw of the Case-Shiller Index is its limited sampling space. Despite … (2 comments)

mortgage: No Down Payment Needed - 09/08/10 07:41 AM
                                                   In a recent survey by Trulia, 47% of renters stated that  not having enough money for a down payment was the factor that kepty them from buying a home.
It was not too long ago that there were many programs available for people to buy a home with no money down.  With all of the sub-prime lending going on buyers were able to buy a home with no down payment with scores as low as 580.
 
Although those days are gone, it is still possible to buy a home with no down payment EVEN if you have had credit … (1 comments)

mortgage: Power of Using Referrals - 08/02/10 01:02 PM
Like any other industry, those of us have found other professionals that we are comfortable working with, those that we trust.  For real estate agents, lenders and title companies  it is critical to have a good working relationship to ensure a successful transaction for buyers and sellers.

 
Professionals that work together, usually prefer to continue working together in the future.  The also know that if they fail to live up to the expecation of the other professionals involved in the transaction and others lose trust in them and their word, they will not receive future referrals.
When one of … (1 comments)

mortgage: Time to take advantage of LOW mortgage rates - 07/30/10 02:50 PM
No doubt you’ve heard that mortgage rates are low. They’re lower than they’ve ever been in history. The news is everywhere. Just check out some of these headlines from the last 24 hours: *
Mortgage rates set new lows for the sixth straight week (Reuters)
* Mortgage rates fall again; 30-year fixed at 4.54% (Wall Street Journal)
* Mortgage rates hit another low : 4.54% (NPR)
Fixed mortgage rates are now down more than 1/2 percent from the start of the year, and 3/4 percent from just 1 year ago. The drop has dramatically improved home affordability for home buyers in … (1 comments)

mortgage: FHA to Tighten Lending Rules - 01/20/10 01:35 AM
The Federal Housing Administration announced the changes in 3 primary areas that will affect prospective home buyers.1. Increase the upfront mortgage insurance from the current 1.75% to 2.25%2. Increase the credit scores requirement to 580 for borrowers wishing to put less than a 10% down payment3. Reduce the amount the seller can pay towards the buyers closing costs from the current 3% to 6%.The only change that should cause grief to borrowers would be the reduction in seller paid closing costs. While FHA does not currently require a 580 score to qualify for an FHA loan, most lenders currently require a … (4 comments)

 
Bill McDonald, VA, USDA, FHA Government Loans - (865) 686-8711 (Van Dyk Mortgage ) Rainmaker large

Bill McDonald

VA, USDA, FHA Government Loans - (865) 686-8711

Knoxville, TN

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Van Dyk Mortgage

Address: 57 Maple Grove Dr , Ste 202, Crossville, TN, 38555

Office: (866) 435-6553

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