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 [...]

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 [...]

USDA Rural Development Loans and Liquid Assets

There’s just one little catch – you can not have more than 20% of the home’s purchase price left over after closing in liquid assets. This means that if you purchased a $100,000 house, you can not have more than $20,000 left over after closing.

Best info On No Money Down Mortgages in NC

There are two programs available for no money down, 100% mortgages in NC.
VA Home Loans:
Basic VA Benefits
VA Loans and Co-Borrowers
What if you make a Downpayment
VA Guarantee Fee
VA Home Loans and Credit Scores
USDA Financing
Basic Guidelines for USDA Home Loans in NC
USDA Home Loans in the Triangle
USDA Home Loans Holly Springs NC
12 Months of Clean Credit
USDA [...]

USDA Home Loans have PMI?

USDA Home Loans also have a form of default insurance (PMI), and it’s a Guarantee Fee. The actual dollar amount is a rather complicated formula, and it ends up being about 2.05% – but most people use 2.% as a rule of thumb for prequalifying purposes.

First Time Homebuyers – Rates Going Up

We talk to First Time HomeBuyer’s everyday that tell us, “We’re Looking!”  Well – here’s my advice… HURRY UP!!
The Tax Credit is going to “go away” at the end of November… and everybody is telling you NOW is the right time to buy – and that’s a FINE reason… But I think there’s ANOTHER incentive.
I [...]

USDA Home Loans, When Do You Need An Inspection

USDA, Rurual Development recently issued an announcement clarifying when they need all of the new construction documents for homes… and when they don’t.
If the home is less than 1 year old and has never been occupied, the home is considered a new home purchase.  New home purchases are subject to plan certification, specifications, inspections and [...]

Can You Qualify For A Mortgage If You are Not Married??

If you found this post, you have a very specific question, and the very SHORT answer, is PROBABLY.
Exactly what type of mortgage you get, is a slightly more detailed answer!
VA LOANS:  VA says that if you are going to purchase with another person they will recognize legally married spouses of qualified veterans as co-signors on VA [...]

Applications for FHA / VA/ USDA Mortgages Up!

According to the Mortgage Banker’s Association in Washington, DC, the applications for “Government” backed loans is MUCH higher than for any other segmant in the market.  Traditionally, if you were interested in purchasing a $300,000 house – you would consider a Conventional Mortgage Loan.  We would often do those loans as 80-15-5 with the borrower [...]

USDA Appraisal Requirement Change July 1, 2009

Beginning July 1, 2009 USDA is requiring the updated Freddie Mac/ Fannie Mae appraisal in their packages.  As with any change, there are some potential drawbacks.
USDA home loans are made in genearlly rural areas.  The new Freddie/Fannie appraisal is designed specifically to identify for the underwriter any recent changes (read DECLINING changes) identified in a particular [...]

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