If You Are Thinkin' $8000 and USDA Home Loans... 1 Word - "HURRY!"

Mortgage and Lending with Equity Resources NMLS 67179 Licensed in NC

We are seeing many customers purchasing in our area using the USDA Home Loan - Rural DevelopmentMake Your Dreams Come True Program.  It does not require that you purchase a farm, although it does restrict the purchase to more rural areas.  In the Triangle, meaning Wake, Franklin, Durham, Orange, Johnston and Harnett Counties - we have several USDA Offices.

Why would you care where the USDA Offices are? Because, unlike ANY OTHER LOAN PROGRAM, USDA Home Loans must be "re-underwritten" by the folks at the office assigned for your county.  No switching to an office that might not be as busy... you go to the office assigned to your county.

The Government's not hiring a ton of USDA Underwriters.  So, whereas in the past we could get a loan to USDA, and have them underwrite it in 3 days - it's now taking 3 WEEKS. 

USDA Home Loans are ALSO underwritten by the Lender - so it's a TWO step program.  You will not have a quick close with one of these puppies.  GREAT PROGRAM, just not enough underwriters in some areas.

Time to Get MOVINGFor instance, Johnston, Harnett and Lee counties (the WHOLE county qualifies) have only 2 Underwriters.  We recently "lost" a week because the insurance company didn't want to give us a binder 3 weeks before closing.  Sorry, but the information we put in GUS must be VERIFIED and accurate!

Who is GUS you might ask?  Government Underwriting System... that's right, USDA Rural Development doesn't use the FNMA or FHLMC underwriting engines.  I'm cool with that - they have their own... but they ALSO have a PERSON that has to underwrite them!

So if you are wanting to purchase a home, and you qualify for the $8000 Tax CreditQuit talking - start buying!... time's a wastin'!  Get to it!  You will need every DAY in November to get that deal DONE and CLOSED. 

If you are considering a purchase, and want to get pre-qualified in NC for a USDA Mortgage Loan, please call Steve and Eleanor Thorne, 919-649-5058... we have the lowest rates!


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Christine McInerney
Great Life RE - Knoxville, TN
The McInerney Team, Knoxville TN Homes For Sale

USDA loans are one of the best packages out there, as they offer 100%.  They can tend to take a bit longer than the avg 30-45 day closing period so buyer better take advantage quick.

Aug 24, 2009 11:45 AM #1
Leesa Finley
RED Properties - Wake Forest, NC
RED Properties - Raleigh NC Real Estate

Thanks for getting this out there - I really don't know why people are waiting - time is wasting away for the Tax Credit!  As for USDA?  If you are doing both then you REALLY need to hurry!

Aug 24, 2009 10:56 PM #2
Frances C. Rokicki
Fran Rokicki Realty, LLC - Bolton, CT

Eleanor, Great advice!  I had not known these details about the rural USDA loan, so, thanks!  It will be a busy fall market, just because of all of the last minute deals.  Spring market in fall?

It's a Good Life,


Aug 26, 2009 12:42 AM #3
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Eleanor Thorne

Equity Resources 919-649-5058
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