Monday, April 29, 2013
Thursday, April 25, 2013
Tuesday, April 23, 2013
Thursday, April 18, 2013
USDA Homes Loans
USDA Home Loans
A USDA home loan is the preferred loan program for first time homebuyers because there is no down payment needed and no private monthly mortgage insurance required. You do not have to be a first time homebuyer to qualify for this program.
A USDA home loan can be used to purchase a home or refinance an existing USDA mortgage
According To Wikipedia:
USDA Office of Rural Development (RD) is an agency with the United States Department of Agriculture which runs programs intended to improve the economy and quality of life in rural America.
Rural Development has an $86 billion dollar loan portfolio, and administers nearly $16 billion in program loans, loan guarantees, and grants through their programs. For various reasons, some of this funding currently goes to urban areas to help develop and redevelop suburbs and resort cities.
History
The Rural Development Administration (RDA) was a USDA agency established by the 1990 farm bill (P.L. 101-624, Sec. 2302), amending the Consolidated Farm and Rural Development Act of 1972 (7 U.S.C. 1921 et seq.), to administer FmHA community and business programs and other USDA rural development programs. RDA was superseded by the Office of Rural Development following the 1994 reorganization of USDA authorized by P.L. 103-354.
On October 13, 1994 The Department of Agriculture was reorganized under the Federal Crop Insurance Reform Act of 1994 and Department of Agriculture Reorganization Act. Under that act, USDA Rural Development was created to administer the former Farmers Home Administration‘s (FmHA) non-farm financial programs for rural housing, community facilities, water and waste disposal, and rural businesses. The former Rural Electrification Administration‘s (REA) utility programs were also consolidated within Rural Development.
USDA Loan Highlights
100% Financing
No Monthly Mortgage Insurance Required
Finance Your Closing Costs
No Reserves Required
Gift Funds Allowed
There is a limitation on household income and property eligibility depending on your region
Seven Things Your Agent Should Know About Your Mortgage Approval
While many experienced real estate agents have a general understanding of the mortgage approval process, there are a few important details that frequently get overlooked which may cause a purchase to be delayed or denied.
New regulation, updated disclosures, appraisal guidelines, mortgage rate pricing premiums, credit score, secondary approval layering, rescission deadlines, property type, HOA insurance requirements, title and property flip rules are just a few of the daily changes that can have a serious impact on a borrower’s home loan financing.
With today’s volatile lending environment, it’s obviously important for home buyers to get a full loan approval which clearly defines all contingencies that pertain to each unique home buyer’s scenario prior to spending any time looking at new homes with an agent.
Either way, we’ve listed a few of the top things your agent should keep in mind while showing you new properties:
Agents Should know
Property Type –
High-Rise, Condo, Town House, Single Family Residence, Dome Home or Shoe House… all have specific lending guidelines that can influence down payment, credit score and mortgage insurance requirements.
Residence Type –
Need to sell one home before moving into another? Is a property considered a second home if it’s in the same city? What if I’m buying a home for my children to live in, it is still considered an investment property?
These are just a few of several possible residence related questions that should be addressed by your agent and loan officer at the initial loan application.
Rates / Locks –
Mortgage Rates are typically locked for a 30 day period, and one of the only ways to get a new rate is to switch mortgage lenders. Rates also have certain adjustments for property / residence type, credit score and down payment which could have a big impact on monthly payments and therefore approvals.
A 1% increase in rate could literally mean the difference between an approval or denial.
Headline News / Employment –
Underwriters watch the news as well. Borrowers who work in a volatile industry during hard economic times may have to jump through a few extra hoops to prove that their employment and income is secure.
Job changes, periods of unemployment or property location in relation to the subject property are other things to consider that may cause a speed bump in the approval process.
Title / Property Flip –
A Flip is considered a property that has been purchased by an investor and quickly sold to a new buyer within a 30-90 day period. Generally, an investor will do a little rehab work, fresh paint, landscaping…. and try to re-sell the property for a significant profit margin.
While it seems like a perfectly fair transaction, many lenders have strict guidelines in place that prevent borrowers from obtaining financing on properties that have a previous owner with less than 90 days of documented ownership.
These rules change frequently, and are specific to particular property types, so make sure your agent is aware of all the boundaries associated with your approval letter.
Homeowner’s Association Insurance –
Some lenders require Condos and Town House communities to have sufficient insurance and reserves coverage pertaining to specific ratios on units that are owner occupied vs rented.
It may also take a few weeks and cost up to $300 to receive an HOA Certification, so make sure your Due-Diligence period is set accordingly in the purchase contract.
Appraisal Ordering Procedures –
Appraisal ordering guidelines are changing quite frequently as regulators implement many new consumer protection laws created to prevent future foreclosure epidemics.
Unfortunately, some of the new appraisal regulations have proven to slow the home buying process down, as well as confuse lenders about the true estimate of neighborhood values.
VA, FHA and Conventional loan programs all have separate appraisal ordering policies, so make sure your agent is aware of which loan you’re approved for so that they document any anticipated delays in the purchase contract.
For example, if an appraisal takes three weeks and the average time for an approval is two weeks, then it probably isn’t smart to write a purchase contract with a four week close of escrow.
Thursday, April 4, 2013
Wednesday, April 3, 2013
Bradley Pointe South
Single Family in SAVANNAH
Better than new this Stuart is the optimal home with 4 true bedrooms. Move in Ready with fenced backyard, security system and mature landscaping Lots of home for the $$$ in amenity filled Bradley Pointe. Large living room. Eat-in kitchen. Minutes from Hunter, short drive to Ft Stewart yet barely lived.
Better than new this Stuart is the optimal home with 4 true bedrooms. Move in Ready with fenced backyard, security system and mature landscaping Lots of home for the $$$ in amenity filled Bradley Pointe. Large living room. Eat-in kitchen. Minutes from Hunter, short drive to Ft Stewart yet barely lived.
6 Concordia Court
Single Family in SAVANNAH
Better than new this Stuart is the optimal home with 4 true bedrooms. Move in Ready with fenced backyard, security system and mature landscaping Lots of home for the $$$ in amenity filled Bradley Pointe. Large living room. Eat-in kitchen. Minutes from Hunter, short drive to Ft Stewart yet barely lived.
Better than new this Stuart is the optimal home with 4 true bedrooms. Move in Ready with fenced backyard, security system and mature landscaping Lots of home for the $$$ in amenity filled Bradley Pointe. Large living room. Eat-in kitchen. Minutes from Hunter, short drive to Ft Stewart yet barely lived.
Tuesday, April 2, 2013
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