High Point North Carolina USDA Loans

May 8, 2013 by 2 Comments

USDA Loans in High Point NCUSDA Home Loans in High Point, NC 27265 do not have a maximum loan amount – however, the property must be located within the USDA “Eligibility” area.  Most of the city is located in Guilford County, with portions spilling into neighboring Randolph, Davidson, and Forsyth counties. High Point is North Carolina’s only city that extends into four counties.

Below you will see 2013 “current” USDA Maps.  Below that we show you the changes scheduled for the USDA Home Loan NC Program at the end of September.  The “faint pink” parts on the map do NOT qualify for USDA Home Loans in NC.  All of the OTHER areas, however, DO qualify for the USDA RD Loan program in High Point NC.

USDA Loan Highlights:

[Read more...]

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USDA Home Loan Map Changes Available

May 7, 2013 by Leave a Comment

usda not for commercial farmsWe’ve known for a while that unless Congress votes otherwise – the USDA Home Loan footprint across the country is changing.  This is a pretty major issue, because USDA Home Loans are only available to folks who are purchasing a home within the USDA “Footprint.”  These are one hundred percent, no money down mortgage loans, that are CHEAP when compared to FHA (and the sky high FHA PMI rates right now).  Effective October 1, 2013 the maps are set to change, and the USDA Home Loan Footprint in NC is getting smaller.

Today was the first time we noticed an area on the USDA LOAN Website that shows you how to tell if the area that you are interested in is affected.  More importantly, it will let homeowners know if their home will still qualify for the financing.Our general belief is that homes that LOSE USDA Home Loan Financing in certain price ranges, could see a negative economic impact from the change.

We just glanced briefly, and saw that properties listed in Fuquay Varina, Holly Springs and Wake Forest will not be eligible for USDA Home Loan financing beginning in October, based upon this map change. Here’s a comprehensive list of Towns in NC that are scheduled to lose the opportunity to offer USDA Home Loans.  We will update maps of effected areas in the next few days. [Read more...]

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What The 2013 First Time Home Buyer Looks For

April 30, 2013 by Leave a Comment

first time homebuyers ncFirst time Homebuyers in NC are an important part of the Real Estate Market Recovery.  They allow folks who own a home, and need to move to a bigger (smaller) home the opportunity to do so.  As those folks move out of starter homes into a larger one, the chain just gets stronger.  According to US News, the First Time Home Buyer is important because, “ When potential new buyers sit on the sidelines, existing homeowners are stuck, unable to move out and up.”  The NC First Time Homebuyer is facing pressure.

For one, the NC First Time Homebuyer Program recently changed, and with that change, came the requirement for a minimum credit score of 640… up from the previous requirement of 620.  Additionally, NC First Time Homebuyers that we meet are now faced with more Student loans than we’ve ever seen. According to US News Student loan debt for the  average 20-something First Time Homebuyer in NC is almost $30,000.  This makes it difficult to rustle up enough cash for a down payment. [Read more...]

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How To Get Quicker Underwriting For USDA Home Loans

April 16, 2013 by Leave a Comment

USDA Home LoansWe have tons of people who want to know how to get quicker Underwriting for USDA Home Loans in NC.  The thought of having to move in with family, living out of boxes is not appealing to anyone.  So what are the tips for getting your keys early??? Check this list of 7 things you can do To Get Quicker Underwriting For USDA Home Loans:

  1. Have All of the pages of your Bank Statements ready.  I can’t tell you how many times someone will only give us a few of the pages – we need ALL of the pages for the last 2 years. The USDA Home Loan Underwriters are going to be looking for NSF checks…
  2. Go ahead and get a security code if your employer uses The Work Number.  If they don’t get us a person who will talk to us about your employment, the name, title and phone number will be a great help.
  3. If you have any deposits that are NOT payroll deposits on your bank statement… go ahead and get us documentation of what each one relates to.
  4. Make a clear copy of your Driver’s License.
  5. If we ask you for an additional document – get it to us FAST.  So if you are getting a gift for your closing costs from your grandmother, get us ALL of the documentation we need as soon as possible. [Read more...]
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Get A Tax Refund, Buy A House!

April 9, 2013 by Leave a Comment

Average age of First Time HomebuyersIt’s that time of year!  All of the Car Dealers are shouting “Take Your Tax Refund and Buy a New Car!”  Wait!  Don’t Do That! The slogan for First Time Home Buyers in NC should be… Get A Tax Refund, Buy A House!

In another week, it will be April 15, 2013, and your 2012 Tax Return will be due.  Truth is, for many who do NOT own a home – there will be no ta refund… But if you are one of the Lucky ones, what are you doing with that tax refund?

There are borrowers we talk to who see their tax refund as “free Money” -  but it’s not, it is what you over paid to the government and now you are getting it back from your non-interest bearing account.

We believe in the Dave Ramsey conservative approach to money.  We suggest you take part of any “extra” cash you receive and Bank it.  We suggest that you place some of your “extra” cash into an account where you are unable to touch the funds for a year and with next year’s refund put the two together to make your down payment, or pay your closing costs.  That way, you’ll have money for furniture, and a lawn mower!

USDA doesn’t require a downpayment – so this is the way most of the folks we work with get into a home with very little out of pocket.

Have some Credit Boo-Boos?  Then pay down or pay off those credit cards or unpaid bills.  Negotiate with your creditors on pay off balances.   If they agree to a lesser amount make sure you get it in writing before you send them any monies.  [Read more...]

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USDA Home Loan Underwriting Delays Spring 2013

March 26, 2013 by 9 Comments
USDA Home Loans in NC

USDA Home Loans in NC

There’s good news, and bad news concerning USDA Home Loans in NC.  First the Good News:   USDA Map changes scheduled to go into effect on March 27, 2013 will now be delayed until September 30, 2013.  The BAD NEWS?  Anyone trying to get a USDA Home Loan is seeing MASSIVE underwriting delays!

The USDA Map Changes proposed for NC are massive.  More than 1/3 of the ENTIRE state of North Carolina could lose the ability to offer USDA Home Loans.  Since we “get rural fast” here in NC, that’s pretty significant.  So the fact that the USDA Home Loan map change is delayed until September 30, 2013 is N-I-C-E! [Read more...]

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USDA Home Loan Map Changes Are Delayed Until September 2013

March 25, 2013 by 4 Comments

USDA home loansDespite the “Sequester” the Senate and House are quietly passing pieces of legislation that could HELP housing!  I’m specifically talking about  the continuation of the USDA 2013 budget last week, which is now just waiting for the President to sign it.  With that signature, the legislation will KEEP the current USDA designated eligible areas IN PLACE for a while longer.  That means that USDA Home Loan map changes are delayed until September 2013 giving everyone a little more breathing space!

Even though there is a push to change the definition of Rural, this delay will give Congress more time to consider H.R. 858, the Rural Housing Preservation Act.   This Act carries a provision for any “area that has a population of between 10,000 and 25,000, is rural in character, and has a serious lack of mortgage credit for lower and moderate-income families.”

For First Time Homebuyers in NC, this is WONDERFUL news.  With the changes to USDA Home Loan Maps now scheduled to go into effect on September 30, 2013 -  1/3 of North Carolina LOSES the ability to offer USDA Home Loans! [Read more...]

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USDA Home Loan Map Changes and Congress

January 23, 2013 by 2 Comments

USDA Loans in Rural NCHere’s an update on legislation pending that could make a difference regarding the USDA Home Loan Map changes due to go into effect March 27, 2013.  These changes in the USDA Maps has been delayed with the FY 13 budget Continuation bill.  Re-defining the USDA Maps is now due for an update on September 30, 2013.  These changes to the USDA Map would mean that counties that have grown significantly since 2000 would no longer be eligible for the USDA Home Loan Program.

At this time, we do not have the exact “property line” drawings of what WILL be eligible and what will NOT be eligible.  With the Current USDA Home Loan Maps – PARTS of Holly Springs (for instance) are eligible, and parts are not. 

We do not know if the new maps will encompass the entire city limits listed here, or if there will be “lines” drawn, and again – parts of a City, like Belmont, might qualify – while other parts will not: [Read more...]

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Have You Contacted Congress About USDA Map Changes?

January 15, 2013 by Leave a Comment

getting a mortgageWe have tons of people buying houses right now, and calling us because they understand that USDA Rural Development will be changing it’s maps effective September 30, 2013.  This is a HUGE big deal in North Carolina because we get Rural FAST here, and with the new way USDA is going to be required to classify RURAL – we lose the USDA Home loan Program in one THIRD of our State!

Congress could change that – there’s a Senate Bill that’s already been passed that grandfather’s in changes, the House, unfortunately, has not been able to agree on a USDA (or much else, frankly).

Agriculture Secretary Tom Vilsack said in December that there is a genuine risk the deeply divided U.S. Congress will not complete work on a new five-year farm bill in time for the USDA Home Loan Map changes, which are slated for September 30, 2013.  The full House never took a floor vote on a five-year farm bill that passed out of the House Agriculture Committee in July with bipartisan support.  Apparently there are Republicans that want more cut from Food Stamps! [Read more...]

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USDA Home Loans Rock The Triangle!

December 20, 2012 by Leave a Comment

In the Triangle, we are lucky to have such a large area that qualifies for USDA financing on mortgage This Home Qualifies for USDA Financing!loans!  This program offers a 100% loan for homebuyers who qualify with properties located in the more “rural” parts of the area!

Does that mean it’s just for a FARM?  Oh NO!  This is for your home, not for income producing farms.  The loans do have a guarantee fee of @ 3.5%.  This means that if you purchase a home for $100,000 (I only use this example since I can do this math in my head) then you will have an additional fee of $3500 added to your loan.  The total loan will be $103,500- which means that you will owe more on the home than you paid for it when you close.  Because of this, I think there are a few important things you should consider: [Read more...]

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