Steve Thorne Usda Mortgage

USDA Home Loan Maps Wake Forest and Rolesville NC

It can be difficult to tell exactly WHERE you can purchase a home that qualifies for USDA Home Loan Financing. These are 100%, no money down loans, with NO Monthly PMI (which makes them cheaper on a monthly basis than FHA, and you CAN make a downpayment if you want to…), and in most of the cases we see… the SELLER is paying the Closing Costs!

For information on qualifying for USDA Home Loans in NC, Click Here

For information on where you can purchase USDA Home Loans in other parts of the Triangle, click here.

Many of our competitors are NOT doing USDA Mortgage Loans – but we are closing them every week! Here’s a list of counties in NC where you can get this 100%, no money down loan.

If this is an area you are considering for a home, Call us 919-649-5058! We work with TOP Real Estate Agents in this area who are familiar with the market, how to negotiate for the Seller to Pay Closing Costs, and how to get you the best price!

Call Steve Thorne 919-649-5058 USDA Home Loan Expert if you have questions on Qualifying for a USDA Home Loan in Wake Forest NC and Rolesville NC. We have the best mortgage rates available in North Carolina

USDA Home Loans Could Be Getting More Expensive

4/20/10 – As we’ve mentioned (a couple of times) USDA Single Family Rural Development Home Loan Program is running out of money… WHEN that magic date is – we don’t know… But we know it’s coming in the next few weeks.

The Hombuilder’s Association of America is in Washington this week to discuss (read they are begging Congress) ways to get more money to the program FAST! No wonder – it’s a zero down payment loan, and it’s the hottest mortgage product we have! (Guidelines are pretty strict read here if you’ve had a foreclosure or bankruptcy)

Last week two members of the House proposed legislation that would continue the funding… but both bills add requirements that would force lenders to raise the rates for these loans! 8o((

Rep. Shelley Moore Capito (R, WV) the ranking Republican member of the House Financial Services Subcommittee on Housing and Community Opportunity, late Tuesday introduced legislation that would increase the current 2% guarantee fee to between 3% and 4%.

Separate legislation was recently introduced by Rep. Paul E. Kanjorski (D, Pa.), chairman of the House Financial Services Subcommittee on Capital Markets. That version has the lender paying a 3.5% upfront fee when the loan is issued, while authorizing an annual assessment of .5% of the outstanding balance.

Neither program places additional cost on the taxpayers.

The next step is discussion at committee level before a final bill is moved to the House floor. That’s expected to happen quickly, given the money is quickly dwindling during the key Spring selling season.

Okay so WHY does Congress feel that it is necessary to either add a downpayment requirement and/or increase the Guarantee Fee?

These are ZERO Downpayment loans (for current guidelines click here) that have to be located in a more rural area. There are income requirements… these are not $750,000 loans in Los Angeles (where FHA has way high loan limits). For the most part, these are $200,000 to $300,000 loans made to people living in outlying areas who are blue collar workers. They have 2 or 3 jobs, and they are conservative, and the USDA Home Loan program has a LOW default rate!

I’m hopeful that Congress gives the program more money – and I hope upon hope that they don’t make it more expensive!

If you have questions about taking advantage of the USDA Home Loan program in NC – call us. We can tell you exactly what’s happening now! Steve and Eleanor Thorne, USDA Mortgage Specialist, 919-649-5058