USDA Update.... We may have a few more months before maps change

Reblogger
Mortgage and Lending with Jet Home Loans NMLS 1660135 310298

This is news we have been actively fighting for. Thanks for getting the word out Robert! Now if they will just improve underwriting turn times!

Original content by Robert Rauf NMLS 248937

 

USDAUSDA UPDATE: (This is Based on a phone conversation today with our local field office)  The USDA will be issuing a 6 month extension to the ability to operate under the 2000 census data. This will result in the eligibility maps remaining unchanged for the next 6 months…  THIS IS GREAT NEWS since we were sure the maps would be changing October 1, 2012. We only have a limited time to get deals in and approved to take advantage of the great terms the USDA offers. Typically USDA guidelines are locked in upon receipt of their firm commitment, NOT the application date.  Keep in mind that this is still not official until we see it in writing from the USDA. We were told there would be an official E-Mail release shortly.

 CONFIRMED USDA administrative notice 4679 - 9/26/12

To Recap USDA’s Benefits:

·        $0 down

·        NO mortgage insurance- just a LOW Guarantee fee that is 1/3rd the cost of an FHA’s MIP.

Have a great week!

Rob

Robert Rauf

Mortgage Loan Originator

NMLS ID# 248937

http://robertrauf.remn.com/Default.aspx or my blog: http://activerain.com/blogs/rrauf

(732)557-6920 x102

RRauf@REMN.com

Since 1987 I have been helping my clients fulfill their dream of home ownership!

Real Estate Mortgage Network Inc.

 

remn

 

Equal house

Real Estate Mortgage Network, Inc. is located at 16 Madison Avenue, Building 2 Suite 2D Toms River, NJ 08753. NMLS #6521. New Jersey Licensed Lender and Mortgage Banker #L041053. Visit www.REMN.com for more information.

 

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Comments (7)

Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

Gerry

Thanks for sharing the update on thee USDA mortgages.

Good luck and success.

Lou Ludwig

Sep 26, 2012 11:58 AM
Jason Sardi
Auto & Home & Life Insurance throughout North Carolina - Charlotte, NC
Your Agent for Life

Good news, indeed!  Still one of the best programs on the Mortgage Market today.

Sep 28, 2012 02:12 AM
Robert Rauf
HomeBridge Financial Services (NJ) - Toms River, NJ

Thank you for the compliment of the re-blog!  Time to spread the news and make sure our clients take advantage of this.

Oct 02, 2012 01:20 AM
Coldwell Banker Camelot Realty
Coldwell Banker Camelot Realty - Mount Dora, FL
Homes for Sale Mount Dora Realtor

Gerry!

 

We love USDA and you here in Lake County Florida!

Oct 19, 2012 12:48 AM
Gerry Suarez Jr.
Jet Home Loans NMLS 1660135 - Maitland, FL
FL Mortgage Guru

Thanks everyone! Please do keep in mind we are still looking at one month turn times here in FL for USDA approvals so keep those closing dates 45-60 days out (more if you are working with a bog box lender) and hopefully turn times won't worsen!

Oct 19, 2012 01:30 AM
Darren Copeland
Leader One Financial - Lee's Summit, MO
Darren Copeland

and we're still waiting here in MO haha!

Jun 05, 2013 02:05 AM
Gerry Suarez Jr.
Jet Home Loans NMLS 1660135 - Maitland, FL
FL Mortgage Guru

but we still have the issue hanging over us Darren. Now the date maps are scheduled to change is 10/1/13...

Jun 05, 2013 02:12 AM