Tag: USDA Rural Development

USDA Property Eligibility We receive lots of questions daily.  A popular one is “how do I tell if a property is USDA eligible?”.  Whether you are a buyer, seller, or realtor, you should use this site.   USDA is a great opportunity for a buyer to get affordable, no money down financing.  Actually because of a recent […]

Appraisal Requirements & Tips Too often borrowers incur extra costs and have delays in the mortgage process because of preventable issues on the appraisal.  Knowledge and preparation of appraisal requirements will help avoid many problems on the purchase or sale of a property.  It even helps on a refinance as the same guidelines apply.  Government loans […]

Maximum Seller Paid Costs By Program Type  Buyers and Realtors, before agreeing to a sales price, know if you need or want seller paid closing costs.  In addition, one should know the following about maximum seller paid costs: How much is needed for best approval? What is most beneficial? What are the program seller paid limits?  FHA Maximum Seller […]

Anyone familiar with the old guidelines for USDA and their requirements for swimming pools, knew you must get 1) A Pool Waiver as part of the USDA review process and 2) No value of the pool must be given unless it is above the purchase price.  Now with the December 2014 changes to the USDA […]

Abandoned UST Issues Explained UST sounds like a disease, doesn’t it?  Although, it can cause major issues on a purchase.  Therefore if a buyer uses a VA or USDA loan and the property has an abandoned UST, read closely.   Usually, the appraisal or the purchase contract will declare an abandoned tank exists.  If so, […]

Lenders and agencies require that a structural engineer perform a foundation certification. When considering the purchase or refinance of a manufactured home, lenders will require that the foundation meets HUD minimum guidelines when using a VA, FHA, or USDA home loan.  It is important to realize that manufactured homes are different from modular homes.  A […]

Rent Free Options Explained It is very popular these days for people to move back in with parents.  Additionally, many even live with other family members or friends.  Therefore these buyers cannot prove an on-time housing history.  This is called a “rent free” scenario.  A recent blog posted by the National Association of Home Builders […]

97% MyCommunityMortgage Maximum Income: Based on household income of everyone 18 and over.  Household income means anyone who will live in the household, whether on the mortgage loan or not USDA Maximum Household Income Limits: Based on household income of everyone 18 and over, whether on the mortgage or not. Broken down for family sized of 4 […]

With the updates that USDA Rural Development recently made, they are being more strict on the amount of credit experience a borrower has.  While the USDA program does not have a minimum score requirement, it does have a minimum trade line requirement (Even though USDA doesn’t have a minimum credit score, lenders do have their […]

In North Carolina, eligible rural areas for USDA housing programs will be adjusted in certain areas on February 2, 2015. New ineligible areas will include: Areas adjacent to the current ineligible area of Jacksonville, NC; Greenville, NC; Rocky Mount, NC; Goldsboro, NC; Raleigh, NC; Greensboro, NC; and Charlotte, NC. On December 16, 2014, President Barack […]

North Carolina homeowners that have a USDA home loan, USDA has a little known, special refinance product called the USDA Pilot Refinance Program which is for borrowers that currently have a USDA guaranteed loan and are looking to lower their rate and payment through a refinance even with equity not required. This USDA program allows […]

One of the most popular questions we hear is what kind of programs are there with 100% financing and the answer has been VA and USDA.  But now, NC Housing Finance Agency has the NC Home Advantage Down Payment Assistance program.  NC first time or move up buyers may finance 100% or more financing when purchasing a primary residence […]

Limited Credit and Looking for No Money Down? We just recently closed a USDA loan for a buyer that only had one credit trade line reporting on the credit report. The buyer had 3 credit scores with a middle of over 660 and no bad credit. We were able to receive an automated pre-approval through […]

Maybe we are biased by living and working in the area, but Brunswick County offers such variety on the coast of NC.  Just a quick look will see the facts prove it true though.  Choices include living at the beach, championship level golf communities, peaceful island life, country roads, or living just outside Wilmington.  Ok, maybe […]

Knowing Seller Paid Closing Cost Limits is Important FHA, VA, USDA, and Conventional loans allow seller paid closing costs to a limit and it is important to know the limits Often buyers either want or need to have seller paid closing costs in order to include part or all of their costs into their mortgage.  Seller paid costs can help […]

SC USDA Status Hotline USDA loans are unlike other types of loans.  Normally lenders underwrite a file without review from an agency.  USDA requires an extra step after the lender underwriting process.  Next comes the USDA eligibility review and commitment.  Over the years, we have seen the review and commitment process vary from a day to over 30 days for USDA to review SC […]

NC USDA Status Hotline USDA loans are unlike other types of loans.  Normally lenders underwrite a file without review from an agency.  USDA requires an extra step after the lender underwriting process.  Next comes the USDA eligibility review and commitment.  Over the years, we have seen the review and commitment process vary from a day to over 30 days for USDA to review NC […]

We see this misunderstanding of condo versus townhome more than any other property types as a lot of listings will call the property a condo/townhome and there is no such thing. Understanding this difference  between a condo and a townhouse is very important for buyers, sellers, and their agents! Condo characteristics: The owner owns only the […]

Columbia SC’s housing market offers so much to a wide range of buyers.  Whether you are a first time buyer, moving up, or retiring in this area, Columbia offers so much.  Major employers include University of South Carolina and Fort Jackson.  Our USDA loans Columbia SC offer very affordable, fixed payments with the luxury of 100% financing.  […]

Jacksonville NC is home to Camp Lejeune Marine Corps Base, which the city depends on heavily for its thriving economy.  VA loans are the most common mortgage used to purchase a home because of the high number of military and veterans.  But USDA Loans Jacksonville NC offer very affordable, fixed payments with the luxury of […]

Fayetteville NC is home to Fort Bragg which is the largest military base in the world.  It is home to the Airborne and Special Operations Forces of the U.S. Army.  So obviously the local economy depends heavily on the military base and the families it supports.  Because it is a heavy military area, VA loans […]