Are Mobile Homes Back on the Radar?

September 3, 2010 By Leave a Comment

FHFA is the Government body that is in charge of just about everything when it comes to regulating FNMA and Freddie Mac. They set out new guidelines and goals for the Agencies this week.

One of the suggestions on the table is for FNMA and FHLMC to offer more financing choices for Mobile Homes in as a way that they can meet their “goals” set by the overseeing agency.

The benchmark goals established could be seen as “production goals” your boss or company sets for you. FHFA  expressed these benchmarks as “minimum goal-qualifying mortgage”  percentages  of each type of home purchase or refinance mortgages acquired by the Enterprises.  They are:

  • 27 percent for the low-income home purchase goal;
  • 8 percent for the very low-income family home purchase goal;
  • A percentage to be set annually by FHFA for the low-income/high minority/disaster areas home purchase goal (with a sub-goal of 13 percent to measure acquisitions in low-income/high minority areas only); and
  • 21 percent for the low-income family refinance goal.

HERA requires that FHFA consider seven factors in setting the single-family housing goals:

  • national housing needs;
  • economic, housing and demographic conditions including expected market developments;
  • the performance and effort of the Enterprises toward achieving the housing goals in previous years;
  • the ability of the Enterprise to lead the industry in making mortgage credit available;
  • such other reliable mortgage data as may be available;
  • the size of the purchase money conventional mortgage market or refinance market serving each of the types of families described, relative to the size of the overall purchase and refinance markets;
  • The need to maintain the sound financial condition of the Enterprises.

Now when you look at HOW FNMA and Freddie are going to achieve this – Mobile Homes pop into my mind! It is very difficult to get a USDA Home Loan or FHA Mortgage Loan on a manufactured home.

If you are considering a home purchase, or want to know if you qualify for a new home, call Steve and Eleanor Thorne, 919-649-5058 we know the market, we know the products and we have the best rates!

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Filed Under: FHA Mortgage Loans, Housing News Tagged With: , , , , , , ,

USDA Guarantee Fee Update 8/23/2010

August 24, 2010 By 1 Comment

The Single Family Housing Origination Department of the USDA Home Loan Program announced yesterday that they should have their computer systems up and running to accommodate the changes required by Congress in their fees.

Since the end of May, USDA has been issuing “Conditional” approvals… and because of that, Wells Fargo, Bank of America (and many, many others) are not doing USDA Home Loans.

We are still closing these loans... here’s what the directive says:

Rural Development also is working on a more complete system upgrade to accommodate all provisions of the new law. We expect this full enhancement to be completed as early as possible next fiscal year. While the 3.5 percent up-front fee is sufficient at the current subsidy rate, we must be prepared to make adjustments in later years using the new authority for an annual fee to maintain a zero cost program. We appreciate your role as a lender in responsibly servicing loans in the SFHGLP portfolio and helping us maintain a successful program.

So here’s the headline folks… USDA has the authority to give a lower guarantee fee to “poorer families.”  They also have the authority to charge an ANNUAL (monthly) Mortgage Insurance Fee... they are NOT doing it right now, but reserve the right to do so in the future.

Almost all parts of our state qualify for the USDA Home Loan Program, which offers 100% no money down financing. You will need to meet the income requirements (which vary by county) and you need to have a credit score of at least 620.

If you are considering a USDA Home Loan, Call Steve and Eleanor Thorne, Mortgage Banker in Cary , 919-694-5058.

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USDA Home Loans Orange County NC

August 22, 2010 By 1 Comment

The Mapping system for Orange County GIS and the Mapping System for USDA Home Loans don’t “mash up.” I’m not sure why that is, but some of the roads (as I read them) on the USDA Home Loan Mapping System are indicated as “Not Found” on the Orange County GIS system.  For that reason, I decided to work with the USDA Home Loan Map to show you which areas of Orange County qualify for the program.

In general (and you could probably figure this out) Carrboro and Chapel Hill do not qualify for this 100%, no money down mortgage loan.  MOST of the rest of the county DOES qualify.

Here’s a close up of  the Northern portion of the Orange County NC USDA Home Loan Eligibility map near 70 West

Here’s a closer look at the area directly above Highway 54 in the first map (looks kinda like an > on the map).

The sections marked in “darker orangy” do not qualify for USDA Home Loans. The lighter areas on these maps DO qualify.  If you want to look up a specific home address, please click here.

If you want to know more about qualifying for USDA Home Loans in NC please read the guidelines here.  There are income requirements that vary per county, and the credit requirements are pretty liberal – you need to have (in general) 12 months of clean credit and a credit score above 620.  If you want information on other counties that qualify for USDA Mortgage loans in North Carolina, you will find a map here.

If you are considering a mortgage loan and want to know more about the USDA Home Loan program, please call Steve and Eleanor Thorne, 919-649-5058

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One Borrower Has Income One Borrower Has Credit Score

August 18, 2010 By Leave a Comment

When one borrower has most of the income… the other borrower has good credit scores… there ARE options for purchasing a home. Look at the question we had yesterday:

“We want to purchase a home, and I want to know if we can get it.  My husband currently has a mid credit score of 538,  and mine is 678.   He makes about 52,000 and I make 25,000.  I’m still in graduate school full time.  We saved  $4,000 for closing cost so far.  We want the house by the end of October 2010 Can we get a loan?”

Option 1:

Purchase a home using FHA, and have a non-owner occupied co-borrower on the loan with the borrower who has good credit scores. If you know that you can make the payments on your own, then having a parent, or other family member, on the loan will not be a burden to them.  After you’ve made 12 months of payments (and by all account mortgage interest rates will still be low a year from now) you can refinance the loan and take the family member(s) off. [Read more...]

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Filed Under: FHA Mortgage Loans, First Time Home Buyer Tagged With: , , , , , , , , , , , , , , ,

USDA Home Loan Maps Wake Forest and Rolesville NC

August 17, 2010 By 1 Comment

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

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USDA Rural Development Switching Underwriters

July 12, 2010 By 2 Comments

USDA Rural Development Single Family Housing announced some consolidation and changes regarding WHERE files are going to be processed.

No matter who originates a USDA home loan, it is re-underwritten (or processed) through a local USDA office. In the past, loans for Wake County went to Wake, Johnston County went to Sanford and Franklin County went to Franklin County.

So, there will be an underwriter, or processor out there who in the next couple of weeks, won’t realize there’s been a change… will be going too fast without updating their rolodex, and they will ship a file off to the wrong place.  I can guarantee it.

If you are considering a USDA home loan for your purchase in NC, look at the following list of where files are being processed for your county.  Ask your loan officer… then call Steve Thone,Mortgage Banker in Cary , 919-649-5058.  We love USDA home loans!

In today’s announcement, USDA will be underwriting for Guaranteed Processing as follows:

Asheville Office -
Buncombe,Henderson,Madison,McDowell, Mitchell, Transylvania, Yancey County
Murphy Office
Cherokee, Clay, Graham, Haywood, Jackson, Macon, Swain
Shelby Sub Office
Cleveland, Gaston, Lincoln, Polk, Rutherford
Winston-Salem Office
Catawba, Forsyth, Iredell, Stokes,Surry, Yadkin
Jefferson Area Office
Alexander, Alleghany, Ashe, Avery,Burke, Caldwell, Watauga, Wilkes
Henderson Area Office
Alamance, Caswell, Durham, Granville, Orange, Person, Vance
Lumberton Area Office
Bladen, Brunswick, Columbus, Cumberland, Hoke, New Hanover, Pender, Robeson, Scotland
Greenville Area Office
Beaufort, Bertie, Camden, Chowan, Currituck, Dare, Gates, Hertford, Hyde, Martin, Northampton, Pasquotank, Perquimans, Pitt, Tyrrell, Washington
Asheboro Area Office
Cabarrus, Davidson, Davie, Guilford, Mecklenburg, Montgomery, Randolph, Rockingham, Rowan, Stanley, Union
Sanford Office
Chatham, Edgecombe, Harnett, Johnston, Lee, Nash, Wake, Wilson
Kinston Area Office
Carteret, Craven, Duplin, Greene, Jones, Lenoir, Onslow, Pamlico, Sampson, Wayne
Halifax Office
Franklin, Halifax, Warren
Rockingham Office
Anson, Moore, Richmond

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USDA Lending Money 5.27.2010 With Changes

May 28, 2010 By 2 Comments

Great News!  USDA Rural Economic Development has money to lend and they are working around the clock to get loan underwritten! Unlike other programs, USDA must ALSO underwrite all mortgage loans prior to funding.  Since they were out of money for @3 weeks – they are behind.

So that’s the GOOD NEWS… Here’s part of the bad news:

The Funding Fee is now 3.5%. That’s up from @2% with funds that ran out in May, 2010.  So if you purchase a $100,000 your loan will now be $103,500.

Here’s the OTHER Bad News:

Most Brokers will not be able to close these loans. We close on a warehouse line, so I’m good to go – but with law changes earlier this year… Brokers must meet a 5% High Cost rule. In that rule, a Broker can not make more than 5% on a loan.  Origiantion Fee, credits we give to a borrower, attorney fees, title insurance, funding fees, application fees, underwriting fees and several other things go into the calculation.  This will make it literally impossible for BROKERS to do these deals… I personally think it is sad that Consumers just lost so many options.

Again, we are making these loans, and will be glad to help you with purchasing and qualifying for a USDA home loan!  Call us!  Steve and Eleanor Thorne, Mortgage Banker in Cary 919-649-5058 Remember, if you are considering a NEW HOME – the builder has to let you use the mortgage company of your choice… and offer the SAME incentives!

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USDA Rural Development Home Loans

May 27, 2010 By Leave a Comment

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 Mortgage Expert, and he can research your property and determine if both you and the property will qualify! (okay so that’s the FAST way to do it – call 919-649-5058)

If you’ve heard that USDA Rural Development might be out of money… click here for an update!

If you’re a DIY kinda’ guy… then check the USDA web site to confirm the property eligibility and income limits for the subject property and area (you will see those links on the left navigation – remember you are doing a Guaranteed Loan – which means you have a higher Income threashold). In today’s shrinking credit market, USDA Rural Housing Loan Programs are one of the best 100% mortgage financing options in the marketplace. Give Steve Thorne a call today for more details.

USDA Rural Housing Loan Program Highlights:

  • Loans may be for up to 102% of the appraised value or sales price (whichever is lower). The 2% is for the Guarantee Fee, which is actually the only Default Insurance
  • No MONTHLY PMI (private mortgage insurance)
  • Secure, fixed-rate 30 year mortgages
  • Sellers can assist with paying the buyer’s closing costs
  • Little cash reserves needed for qualified borrowers (you’ll need money for your Homeowners / Fire Insurance Policy, and your taxes…)

Partial List of Eligibility Guidelines for USDA Rural Housing Mortgages

  • Homebuyers must be United States’ citizens, qualified aliens, or legally admitted to the U.S. for permanent residence.
  • Adjusted annual household income cannot exceed the moderate income limits for the area. A family’s size and child care considerations may increase chances for qualification if deductions are applicable.
  • Primary residences only
  • Home must be located in rural areas. This may include open country, and places with populations under 25,000 residents.

To find out more about Qualifying for a USDA Home Loan in NC, please click here.

If you want to find maps with areas that qualify for USDA Mortgage in and around the Triangle, Click Here.

Steve Thorne 919-649-5058, USDA Home Loan Expert.  We would love to help you buy your next home!

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FHA Lending Sign Of Weak Housing Market?

May 26, 2010 By Leave a Comment

FHA has money to lend, and boy is it flying out the doors! David Stevens, the agency’s head is quoted in Bloomburg as saying, “FHA lending last quarter may have topped the combined volume of government-supported Fannie Mae and Freddie Mac in a home-lending market that’s still a government-financed market.”

Is that GOOD news?  Well, apparently not.  Mr. Stevens told the Mortgage Bankers Conference the week before that:

“This is a market purely on life support, sustained by the federal government,”

“Having FHA do this much volume is a sign of a very sick system.”

I like David Stevens. He’s a true Mortgage Banker, and he has been open and “transparent.”  But I’m wondering if he’s not perpetuating some of conversation on the Hill about needing more Mortgage Insurance (Guarantee Fee) for USDA Home Loans!

We do not need to be causing these huge alarms right now Dave!  Shhhhh!

The April Housing numbers were released today – and they were the best in 2 years… but the tax credit ended in April, and most anybody who knows anything about anything believes that’s why April was so good!

If you are looking for a mortgage lender in NC – please call Steve and Eleanor Thorne, Mortgage Banker in Cary 919-649-5058

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USDA Gets Cash From House -Come on Senate!

April 30, 2010 By 3 Comments

GOOD NEWS!  The US House Finance Committee approved a measure to fund the U.S. Department of Agriculture (USDA) Rural Housing Service Loan Guarantee Program (section 502 Loans).

Say What? Have you been reading that USDA is out of money?  Well, it’s not COMPLETELY out -but it’s close. In our part of North Carolina it’s taking about 12 days to get your loan underwritten by USDA…. they sent out a message this week that they thought they would be out of cash by May 7th.  This means that if your loan is not ALREADY submitted to USDA, then you would be SOL (So out of Luck).

So the fact that this program will likely get more money is GREAT NEWS!  What will be even better, is if Congress can pass this bill by the end of next week – assuming it looks like it will pass, then USDA could continue issuing “Conditional Commitments.”

If, If, IF they continue issuing “Conditional Commitments” after next week – we will be able to continuing funding – even if Congress takes another 2 or 3 weeks to get it all passed.

The HIC-UP comes when there’s uncertainty about weather Congress would change the program. The version passed by the House Finance Committee does NOT change the current program. To view the Bill, click here - H.R. 5017, “Rural Housing Preservation and Stabilization Act of 2010,” – Rep. Paul Kanjorksi (D-PA)

We will keep monitoring this.  If you have questions about USDA Home Loan financing, and you are purchasing in NC – please call Steve and Eleanor Thorne,    919-649-5058 Connect With Us on Facebook,


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