FHA Mortgages, Loans From Family With Down Payment Assistance for FHA Mortgages becoming a bit more difficult to find. Another source of funds for down payment to buy a home is a LOAN from an immediate family member. That is right. This a little known FHA underwriting guideline that is allowed. However, not all Mortgage Lenders [...]
The USDA Rural Home Loan program, a true zero down home loan.
Unique to Alaska, veteran buyers may have more than one home financed at the same time using their current VA benefits. Called bonus entitlement, a Veteran who has a current home financed with the VA may have enough bonus entitlement to purchase as second home, as long as he intends to use the new home as his or her primary [...]
Can Collections Prohibit You From Getting Into The USDA Loan Program? Another question I hear quite a bit about the USDA Loan Program is about collections. It’s pretty common to hear… I have some old collections, are they going to stop me from getting approved for the USDA Loan? It’s always a good idea to [...]
Do you know who is allowed to pay closing costs on a new USDA Loan? Most buyers just leave it up to the real estate agent to negotiate closing costs with the seller. And this can be a mistake that can cost you thousands if you don’t provide your agent with the proper information about [...]
Program funding for the Single Family Housing Guaranteed Loan Program will likely be exhausted by April according to a recent announcement by the United States Department of Agriculture (USDA). Lane County Rural housing sales will feel an immediate impact when USDA stops approving loans. The USDA normally runs out of money near the start of their new fiscal year [...]
Rhode Islanders still have the opportunity to get 100% financing through the USDA program, also known as the “rural homes program”. The United States Department of Agriculture (USDA) offers two different types of programs; one called the Guaranteed Rural Housing (GHR) mortgage and the other Direct rural home mortgage. The Direct program is offered directly through USDA [...]
Jodi Peterson, Management Analyst, Springfield Community Development and Housing, announced today that the Springfield Home Ownership Program (SHOP) is out of funds until July 1, 2010. The SHOP program provides down payment and closing cost assistance to low to moderate income borrowers for the purchase of their first home in Springfield Oregon. More about the program is available here.
While FHA has been hogging all the headlines (no pun intended) another little known loan program has been gaining in popularity. For over 60 years, the USDA (Unites States Department of Agriculture) has been guaranteeing loans for farms and rural communities. Recently, however, the definition of rural has expanded to include any communities with a [...]
Is USDA underwriting becoming more conservative? I believe it is. Recently I have seen examples of USDA Guaranteed Rural Mortgage Loans that were turned down by USDA for reasons that have not been an issue previously to my knowledge. Because of the increased interest in USDA Guaranteed Rural Mortgage Loans as one of the very few 100% financing options out there, the review process appears to be getting stricter. So, if you are looking for a no money down loan, you should be prepared for the extra scrutiny during the process.
*This is not an offer to lend. 
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