usda: USDA Mortgage Closings on HOLD Until Funding Has Been Restored - 10/06/11 03:25 PM
Under USDA’s fiscal calendar, annual USDA funding for fiscal year 2011 expired as of September 30, 2011.  Until such time as new funding is authorized, USDA offices will not be able to issue conditional commitments.
Most lenders will continue to originate and process USDA loans.  Actual closings will not occur on these USDA loans until such time as funding is restored and a commitment has been issued by the USDA office.  Loans currently approved with a previous commitment issued may be closed as scheduled and will not be impacted.
(6 comments)

usda: USDA Loan Volume - 08/07/11 01:55 PM
The US Department of Agriculture has plenty of funds left for Fiscal Year 2011.  The below announcement was released last week by the department.
 
August 4, 2011
 
GUARANTEED LOAN FUNDING UPDATE:   
OVER $11.2 BILLION DOLLARS AVAILABLE FOR GUARANTEED LOANS!
 
The Single Family Housing Guaranteed Loan Program (SFHGLP) was allocated $24 billion dollars for Fiscal Year 2011 (through September 30, 2011).  Due to tremendous support from our lending and real estate professional partners over $12 billion has been obligated nationwide.      
 
SERVE RURAL HOMEBUYERS!  While program demand and volume have heated up with the summer temperatures, … (3 comments)

usda: USDA Announces Addition of Monthly MI Effective October 1, 2011 - 03/13/11 12:53 AM
Changes has just been announced to the USDA loan program.  One change will be the implementation of an annual fee of 0.30 percent of the outstanding principal balance.  This will take effect on October 1, 2011.  At that time, the up-front guarantee fee for purchase transactions will decrease from 3.5% to 2% for all purchase loans transactions.  For refinance transactions, the up-front guaranteed fee will remain at 1%. 
 
 
 
 
 
 
(6 comments)

usda: USDA Announces 2011 Funding Availability - 11/07/10 03:05 AM
USDA has just announced that funding for the Single Family Housing Guaranteed Loan Program is now available for the 2011 fiscal year.
Purchase loans will be subject to a 3.50% upfront guarantee fee.
Refinance loans will be subject to a 1.00% upfront guarantee fee.
These upfront guarantees remain unchanged from September's revision from when the USDA program was restarted.
(0 comments)

usda: USDA Financing Mortgage Program Updates - 10/03/10 11:40 AM
USDA Program Basics







 

USDA Guideline FAQ - Appraisals (Also see Property Conditions)
 


USDA Guideline FAQ - Assets/Bank Accounts/GiftsSelf-Employed???? Acceptable Use of Business Funds for Closing
 



USDA Guideline FAQ - Credit









USDA FAQ - Income/EmploymentBusiness Expense Deductions vs Qualifying for a Mortgage


USDA Guideline FAQ - Loan Limits


USDA Guideline FAQ - Miscellaneous

USDA Announces 2011 Funding Availability  


USDA Guideline FAQ - Property Condition 


New Carpet or Carpet Allowance? 
Please check back for program updates … (1 comments)

usda: Do You Know Who Is Responsible for Setting Mortgage Underwriting Guidelines??? - 09/19/10 03:28 PM
What is the Secondary Market you ask? In mortgages, the Secondary Market is where bonds and securities are backed by the value of mortgage loans, collateralized and then they are sold on Wall St.  These security instruments are also known as Mortgage Backed Securities (MBS).  Being packaged as an MBS is how mortgage loans are bought and sold after the borrowers have closed on their transaction.  All mortgage loans are underwritten by the lender to predetermined underwriting guidelines.  Therefore, each mortgage loan program has its own unique set of underwriting guidelines.  This loan programs include:
Conventional (Fannie Mae & Freddie … (3 comments)

usda: USDA Funding Update - New Bill Introduced April 13th - 04/14/10 09:52 AM
On Tuesday, April 13, 2010, USDA sent out an announcement that funds were being exhausted at the rate of around $100 million per day.  They also urged everyone to contact their Congressman to impress upon them the importance of continued USDA funding availability. 
This comes shortly after Congress recessed for spring break without resolving this critical issue.  Earlier today, it was announced that yesterday, Rep. Shelley Moore Capito, R-W.VA, introduced new legislation regarding the continued funding for USDA loans.
Capito Introduces Bill to Continue Access to Home Ownership in Rural Communities
Legislation Would Increase USDA Rural Housing Loan Guarantee Program's Capital Reserve
(5 comments)

usda: USDA 100% Financing - 11/22/09 06:09 AM
The USDA program is still offering 100% financing.  There are income & geographic limitations (see links below).
Here are some highlights of the program that you should be aware of:
Borrower is not required to be a first-time homebuyer No minimum borrower cash contribution Maximum 100% LTV based on appraised value (102% LTV including the 2% Guarantee Fee financed in) Seller contribution typically limited to 6% (may cover closing costs & pre-paids) 30 Yr Fixed Rate No Monthly Mortgage Insurance is required No borrower reserve requirement In-ground swimming pools are permitted only if the appraiser give no value to it Chap … (2 comments)

 
Rodney Mason, VP of Mortgage Lending - AL, FL, GA, SC, & TN (Guaranteed Rate NMLS# 2611)

Rodney Mason

VP of Mortgage Lending - AL, FL, GA, SC, & TN

Atlanta, GA

More about me…

Guaranteed Rate NMLS# 2611

Address: 825 Juniper St NE, Atlanta, GA, 30308

Office: (404) 591-2453

Fax: (404) 601-8488

Email Me

var _clustrmaps = {'url' : 'http://activerain.com/blogs/rodneymason', 'user' : 927502, 'server' : '4', 'id' : 'clustrmaps-widget', 'version' : 1, 'date' : '2011-09-03', 'lang' : 'en', 'corners' : 'square' };(function (){ var s = document.createElement('script'); s.type = 'text/javascript'; s.async = true; s.src = 'http://www4.clustrmaps.com/counter/map.js'; var x = document.getElementsByTagName('script')[0]; x.parentNode.insertBefore(s, x);})();


Listings

Links

Archives

RSS 2.0 Feed for this blog