Is a USDA Loan Right For You?
Are you contemplating buying a property? If you have an idea of what you are looking for and your desired price range, consider a USDA Loan. USDA Loans are supported by the United States Department of Agriculture. In the past this type of loan was referred to as a ‘farmer’s loan.’ However, contrary to what many people may think, this loan is not just for farmers. This loan is only used for homes purchased in rural areas. Note that some homes are considered rural even when the population is 10,000 or less. In some cases home ins cities with a population of 10,000 to 25,000 are also eligible. Benefits to USDA Loan applicants: • No down payment required • 30-year fixed rate mortgages (low rates) • Loans may cover up to 100% of...
Read MoreUSDA Will Change Fees Effective October 1st, 2011
Leaves aren’t the only things that are changing next month! There are two very important changes that are scheduled to take effect with loans obligated on or after October 1, 2011. The changes are: (1) A monthly mortgage insurance fee of 0.3 percent will be charged on all loans obligated on or after this date (2) The up-front guarantee fee for purchase loans transaction will decrease from 3.5 percent to 2 percent of the loan amount. Please note these changes will not be effective until October 1, 2011. Currently the up front “guarantee” fee is 3.5% of the loan amount. For example, on a $150,000 loan, the fee is $5,250 which is normally added to the final loan amount. The new fee will be lowered to 2%, or $3000 in the above example. USDA will...
Read MoreZero-Down Mortgages Are Not Extinct!
There is so much talk these days concerning the added income, assets and higher credit score it takes to qualify for a mortgage. Perhaps one of the most misunderstood conceptions out there today suggests homebuyers will need at least 20 percent down to qualify for a mortgage. That could not be further from the truth. The truth is, home loans are still available with no money down. There are several ways to get a zero-down home loan. USDA Rural Housing programs, VA loans for veterans, and FHA mortgages combined with down payment assistance all achieve the zero-down objective. Here is a rundown of the USDA program and what is required. USDA Rural Development Home Loans USDA loans are 100 percent zero-down mortgages designed to make it easier for people to buy homes...
Read MoreNew Guidelines Will Affect The Insured
Kokomo — New federal guidelines regarding the administration of vaccinations for adults and children will result in more people paying for inoculations. The changes in the Vaccines for Children program will affect those with insurance, said Karen Long, immunization coordinator for the Howard County Health Department. It’s a federal entitlement program for people covered by Medicaid, as well as those who have no health insurance or are under-insured. Changes will affect those who are fully insured. “The change is for people that have vaccination coverage in their health insurance policies,” Long said. “After July 1, families with health insurance coverage will have to go to a private physician.” Of those who have been receiving vaccinations from the...
Read MoreHow To Refinance Your Mortgage Loan
In simple terms, refinancing your home mortgage means paying off your current loan by taking out another loan. Most people decide to refinance if they feel they can get a better rate then what they are currently paying, thus reducing their monthly payments. Another reason to do a home mortgage refinance is to change the terms of your current agreement or to get away from binding restrictions in that loan. For example, you may currently have an adjustable rate mortgage but wish to change it to a 30 yr fixed mortgage. Refinancing would allow you to do this if the proper conditions exist. In order to find out if you are eligible to refinance or if it is beneficial, meet with a lender or bank. You may meet with the current owner of your loan or shop around for another...
Read MoreKey Benefits Of USDA Home Loans
The United States Department of Agriculture (USDA) has introduced USDA home loan program to benefit people planning to buy or construct homes in rural areas. Lenders approved by the USDA offer these loans. These loans are offered to buy a resale home, buy a new home, construct a house, and for the renovation of an already owned home. Some Of The Benefits Of USDA Home Loans: No Down Payment This is one of the few home loan programs that offer you 100-percent financing. This means it is not mandatory to have a down payment for buying a home under this loan scheme. You can get up to 102-percent finance for the appraised value of the home. No Ceiling On The Value Of Home According to the USDA loan guidelines; there is no maximum limit on the value of home that a...
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