In the Triangle, we are lucky to have such a large area that qualifies for USDA financing on mortgage loans! This program offers a 100% loan for home buyers 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 […]
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.
MANY people we talk to love Wake Forest – and they know this is the “small town” they want to live in! 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 very low Monthly USDA PMI […]
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 2015. 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 […]
Qualifications for a USDA Home Loan in North Carolina Rental Payments / Housing Expense We just sent a letter to a consumer applying for a USDA mortgage loan about a problem with the approval… “I completely agree with you that it’s not your fault that the owner of the property was foreclosed against and due […]
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.
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 […]
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 […]
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, […]