What Does It Mean When USDA Runs Out Of Money?

Every year Congress puts funds into the USDA Rural Development “Account” for them to lend out to home buyers.  It’s a great program that requires no money down (for program details click here)…
On March 11, 2010 Rural Housing folks announced that they will probably run out of money before the end of April.  What does [...]

First Time Home Buyer Purchasing Plan

Are you trying to purchase a home and take advantage of the new Tax Credit??  Well, you’re not alone, and as a First Time Home Buyer… the task is now even more overwhelming because of the number of foreclosures, short sales, and standard sales available. Each of these types of sale [...]

USDA Rural Development Home Loans

Thinking about buying a home so you can get that Tax Credit? Don’t have a ton of CASH laying around??  Well, the first thing you should do is call Steve Thorne to see where properties are in your area that qualify for USDA Rural Development Home Loans!  Steve is a USDA Rural Housing [...]

NC FHA Condominium Loan Details

The FHA Program for Condominiums is a tiny bit different from the program that covers “traditional” Single Family Homes. Originally, the program was designed with differnt mortgage insurance coverage, that is no longer the case. The program, HUD Section 234(c) of the National Housing Act provides mortgage insurance for any mortgage loan covering a [...]

Veterans Not Allowed to Pay all Closing Costs

A new Good Faith Estimate went into effect on January 1, 2010 and because of all the requirements that go with any new Government Regulated Form… FHA came out in January with a list of fees they felt like were reasonable for Homeowners to Pay and Lenders to Collect.
Which prompted the VA to come out [...]

Mortgages at Tax Time

If you are getting ready to do your taxes, and you are renting…
P-I-T-Y!  I mean really, Bro… too bad.
You are missing out on THOUSANDS of dollars! People who OWN a home, get tons of deductions you don’t… just for living in a HOME!  Haven’t you ever heard the saying, “Buy a House Get a Raise!”

Mortgage [...]

HUD Makes It Easier To Purchase Foreclosed Property

HUD announced a change in the way it handles property that has changed ownership in the last 90 days.  In an attempt to prevent people from “flipping” property (which is FRAUDULENT), HUD required a 90 day “cooling off” period before property could change hands.
This meant that if an Investor purchased property on January 1 at [...]

The First Time Home Buyer Tax Credit of 2010

Okay—so here’s why you REALLY want to buy a house in the first half of 2010…

Houses are C-H-E-A-P!  I mean CHEAP!! I’ve been in this business, in North Carolina decades, and I’ve never seen home prices so AFFORDABLE (read CHEAP!)!
Mortgage Rates are L-O-W! It does not look like this is going to continue to [...]

FHA and Short Sales – The New Ruling

Okay – so maybe it’s not a “Ruling” but FHA announced on December 16, 2009 what they think about homeowner’s filing Short Sales .  Basically, FHA sees short sale homeowners falling into one of two camps:

Those who are current on their mortgage leading up to the short sale.
Those who have delinquencies leading up to the short sale.

If [...]

Mortgage Brokers and FHA

One of the questions to the panel was, “Do we need to change the way we regulate agencies, including FHA?” Well – this is really not much of a debate, because new regulations from FHA’s new “Risk Manager” are already headed into action later this month. I’ve included some of the text below, and I toally disagree with the “assumption” I’ve bolded below:

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