Proving Housing Expense When Landlord is Foreclosed Upon

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 to the massive amount of foreclosures … [Read more...]

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 the cases we see... the SELLER is paying the Closing … [Read more...]

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 … [Read more...]

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 does that mean? Unlike FHA, VA … [Read more...]

USDA Home Loans have PMI?

USDA loans are the coolest loans on the planet right now, and most people don't understand that it has a form of mortgage insurance... Mortgage Insurance does not pay your mortgage off when you die (well, maybe there's a kind that does, but that's not what I'm talking about).  The PMI-type mortgage insurance is default insurance. It covers a small … [Read more...]

North Carolina USDA Mortgage Loans Updated 2/2012

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, we can help you learn about the benefits and features of … [Read more...]