Georgia is about to see a very good and welcome loan program come back – USDA home loans.
USDA Rural Housing loans are about the only option for 100% financing, but this year the program was so popular that the government agency ran out of funding quite early in the year. But, a bill has passed Congress and will be signed soon by the president that authorizes more funding.
The details appeared in on the WSJ blog, and my friend, Sue, who is a loan officer in Florida was quoted.
The Funding Fee will rise from 2% to 3.5%. That is the fee normally rolled into the loan that insures the loan, much like PMI insures a conventional high Loan-to-Value mortgage. Otherwise, everything else remains the same on these deals – the property being purchases must be considered ‘rural’, and the household income cannot exceed 115% of the county median income.
Where income is concerned, just call me if you are interested in applying for a USDA loan in Georgia, since it is easier to look the medians and exceptions than to calculate it.
So, good news for homeowners buying outside the metro areas – USDA loans are back as a financing option.
I have spoken to a few people recently who are in adjustable rate mortgages who were interested in refinancing, until they got "that" notice in the mail, that on their first adjustment, their interest rate was about to drop. That's right, their dreaded adjustable rate mortgage was about to go down in rate.
Wow. ...
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Short sales are all over the news these days, just behind the reports on the record number of foreclosures. And, a lot of homeowners are either severely under water on their mortgages - owing more than the home will sell for and do not have the funds to make up the difference - or are ...
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Regular followers of this blog know by now that I am a bit of a nerd when it comes to charts. I love charts, because they tell a story in a picture - at least they should when they are employed properly.
And, we have all been hearing that "Rates are at Historic Lows!!!". But what ...
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Bloomberg had a story a few days back on the lingering effects of the housing bubble...and what a pop that bubble caused!
Take a look at the chart:
The conclusion being that Americans will either have to pay off a boatload of this mortgage debt quickly; ...
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U.S. foreclosure rates fell for the third straight month according to RealtyTrac's new report. New foreclosure fillings in June dropped 2.81 percent from the previous month and 6.98 percent from the previous year.
While foreclosure rates are falling, they are still at high levels with 16 ...
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Congress passed the extension of the tax credit for first time home buyers and for buyers who have been in their homes for 5 years or more, and are buying anew.
Originally, one needed to be under contract to buy a home by the past April 30, and close yesterday, June 30, in order ...
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With the stimulus bills and all the talk of a 'double dip' in the economy these days, there has been a lot of talk even among non-economists of the right or wrong ways to get us out of this recession and into a thriving economy again.
And, you may or may not have heard of the ...
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Wow. This morning 'Personal Income & Outlays' came in just a bit lower than expected, and bonds rallied - again.
What this means is that if you have been toying with refinancing your Atlanta area home, then now is definitely the time to lock something in. Here, I'll show you why:
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The news would have us believe that there has been a precipitous drop in metro Atlanta home values. Many make it out to be such a drop that we may never recover.
However, this chart shows that with a little perspective, Georgia homes and many others around the country have held value well, ...
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USDA Rural Housing loans are about the only option for 100% financing, but this year the program was so popular that the government agency ran out of funding quite early in the year. But, a bill has passed Congress and will be signed soon by the president that authorizes more funding.
Our first and foremost mission is to educate the home buyer to make smart decisions, which impact a person's entire financial picture. A home loan in the context of one's short and long term financial goals.