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 [...]

USDA Lending Money 5.27.2010 With Changes

Great News! USDA Rural Economic Development has money to lend and they are working around the clock to get loan underwritten! The Funding Fee is now 3.5%. That’s up from @2% with funds that ran out in May, 2010.

USDA Gets Cash From House -Come on Senate!

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 [...]

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 [...]

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.

Looking for a Home – When Do I Apply?

This is a question that was posted recently on Trulia Voices… “Looking for a Home in the Triangle.  I think I’ll be ready to purchase in March of 2009.  When should I apply for a mortgage???” People who are considering a move to the Triangle need to plan for their home purchase.  If you will be [...]

North Carolina USDA Mortgage Loans

In NC, we have some big cities… but we get rural fast!  I can’t tell you how many people, dispite the cost of gas, who say, “I’m just lookin’ for some land!” or “I can’t stand those little ‘Barbie Doll’ houses sitting right next to each other!” Well, if you’re looking to buy a rural home, [...]