Usda Rural Housing Mortgage

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 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!

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 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, Corporate Investors Mortgage Group, Inc. 919-649-5058