USDA Still has NO Downpayment Loans

Posted by Duke Rountree on

USDA still has No Down Payment loans.

U.S. department of agriculture has 11.2 Billion, yes billion, earmarked for mortgage loans thanks to funding from federal programs. Called a Section 502 loan, the loan is one of the few zero down products available in the mortgage market.

In years past money would run out during the summer and buyers would have to wait for more money to be available. Most low to middle income Florida residents can qualify for the USDA Loan if they live in rural, small town cities.

The program will change slightly after Oct. 1, when buyers will be required to pay a 0.3 percent premium for mortgage insurance monthly; however, the cost of upfront mortgage insurance will be reduced to 2 percent from its current 3.5 percent.

For more information, visit the USDA’s website or Call/Text me to find a local lender to answer all of your questions.

“Until Next Time”

John Wayne “DUKE” Rountree

 

 

 

What Happens After Foreclosure? How Long Before You Can Qualify For Mortgage?

Posted by Duke Rountree on

Can You Say Tricky Question?

With so many people struggling to find work and therefore, keeping their mortgages current. Foreclosure and Short Sales are at an all time high for our country. The question posed above is not really tricky, but has many variables. The New York Times notes that a past foreclosure will result in the longest wait before you can buy again. Fannie Mae and Freddie Mac properties have a 3 year waiting period after filing foreclosure and 2 year waiting period following a short sale, deed in lieu of foreclosure & discharge or dismissal of bankruptcy. However, there may be certain circumstances, job loss or transfer from job, that may reduce the wait period to qualify for mortgage.

FHA loans also have 3 year waiting period for foreclosure / short sale and 2 years for bankruptcy as well, but note there are plenty of exceptions. Based on New York Time article and example would be, if a borrower was current on payments for year prior to short sale there may be not waiting period and might even qualify for FHA loan immediately.

In conclusion, none of these rules are steadfast or set in stone. With such a large number of people struggling and facing loss of their homes(at the time of this post there are over approximately 1,000,000 properties foreclosed or in the process), poor credit ratings and lack of jobs, lenders will need to take into account circumstances that may have lead to default. I firmly believe these standards will change in years to come. Fannie Mae spokesman says, ” The key is to avoid foreclosure”  and “That is what will help you be eligible for the shorter period.”

“Until Next Time”

 

 

Source: “The Post-Foreclosure Wait,” The New York Times (June 23, 2011)

Freddie Mac Summer Special Deal

Posted by Duke Rountree on

GREAT NEWS for Buyers and Sellers!

Freddie Mac is offering a “SUMMER SALES PROMOTION.” Upon qualified closing, HomeSteps will pay up to 3.5% of the purchase price of your home to cover certain closing costs. For instance, if your purchase price is $125,000, and your closing costs are $4,250, HomeSteps will only pay $4,250, an amount equal to 3.4% of your purchase price. Of course, not all homes or borrowers will qualify and the incentive is ONLY good to owner-occupants. You can visit, http://www.homesteps.com/smartbuy for all details.

BUT WAIT? There is more to this sweet deal!

Homesteps SmartBuy Program is also offering a 2 year HomeProtect Home Warranty and HomeProtect Appliance Discount The HomeProtect Home Warranty and HomeProtect Appliance Discount are available only to Participants who purchase and close on a qualifying HomeSteps home during the Program. The HomeProtect Home Warranty begins upon your qualifying home purchase closing date and continues for two years from that date. The HomeProtect Home Warranty has further restrictions and exceptions. Please see the HomeProtect® Home Warranty Terms and Conditions for all of the details. The HomeProtect Appliance Discount provides savings up to 30% savings on new appliances.

HOMES FOR SALE by Freddie Mac?

Where are they? In just about every location across the United States and Puerto Rico

How do you get more information? Contact your REALTOR® or better yet, if you do not have one, please contact ME! Or, you can visit, http://www.homesteps.com/featuresearch.html, and search any state, county or zip code for homes available in the program.

DON’T WAIT!

The offer is only good May 16, 2011 – July 31, 2011 with escrow closed on or before September 30, 2011. Now is a great time buy with low home prices, super low interest rates, and this new program could get you into a new/reseller home with little to no money down.

“Until Next Time.”