What Is The FHA?
FHA stands for federal housing administration. It was originally set up as part of the National Housing Act of 1934. Historically it was set up because of the great depression. Its original goals were to provide financing, improve housing conditions and create a more stable mortgage market. There is a loan known as a FHA loan which is very popular with first time home buyers as well as buyers who do not have 10-20% down payment. It is also available to those who have a lower credit score. Be sure to check with your lender on what credit score they require. FHA homes are acquired using these loans and they can be used to buy condos, town houses, housing units and single family homes. There are also several different FHA loan products like adjustable rate...
Read MoreUSDA Celebrates Home Ownership Month
Agriculture Secretary Tom Vilsack kicked-off June National Home Ownership Month by highlighting USDA’s record delivery of single-family housing assistance to rural families and encouraging rural residents to purchase or refinance homes in rural areas. “Since the start of USDA’s single-family housing programs in 1949, USDA employees have helped nearly 3.4 million rural residents buy homes of their own,” Vilsack said. “Many of these are lower-income, first-time home buyers who are earning a leg up into the middle class. Home ownership is a critical step on the ladder of opportunity as it helps build equity and increase assets. Simply put, home ownership means long-term financial stability and security for these rural families.” USDA Rural Development...
Read MoreHow Do I Know if a Home is Located in USDA Financing Territory?
The USDA provides an interactive map where you can either type in a specific address or view an eligibility map for a general area. You will find that most of Indiana is eligible for USDA financing! The interactive map below is a little more user friendly the maps of days gone by! We hope you’ll find the following helpful… Here’s how to use the map: Click here to be directed to the USDA eligibility map. Click “Single Family Housing” (under “Property Eligibility”) “Accept” the terms Type in the address of the property you want to check OR Zoom in on the map to the general area you are wanting to research Feel free to contact us should you have more questions regarding USDA...
Read MoreDo Any Loan Programs Offer 100% Financing?
Yes! There are loan programs that offer 100% financing. One such program is a VA mortgage. It is a no-money-down program available to members of the U.S. military and surviving spouses. For those who do not qualify for a VA mortgage, a USDA mortgage may be an option. You will want to make sure the property is in an eligible area. You can do so by clicking here to check the address. USDA Mortgage : 100% Financing As stated above; “No Money Down” options exist for non-military borrowers, too. The U.S. Department of Agriculture offers a 100% mortgage. The program is formally known as a Section 502 mortgage, but, more commonly, it’s called a Rural Housing Loan. The good news about the USDA Rural Housing Loan is that it’s not just a “rural...
Read MoreChanges Set to Take Effect on USDA Mortgage Program
Several changes within the USDA mortgage program are in the works to take effect September 1st, 2014. The U.S. Department of Agriculture (USDA) Secretary Tom Vilsack announced a series of changes to a popular loan program for rural homebuyers recently. The changes are part of an extensive overhaul intended to strengthen rural housing markets, increase the availability of rural home loans and spur the construction of new homes in rural areas. “These improvements will help create jobs and enable more people to participate in the rural home loan guarantee program,” says a state director for USDA Rural Development, said. “Since the inception of the program, more than 54,000 rural residents in Illinois have received mortgages guaranteed by USDA Rural...
Read MoreFederal USDA Home Mortgage Loans Being Processed Again
The federal government shutdown made it difficult for some real estate agents to close deals on certain properties, especially in rural areas. The shutdown lasted more than two weeks, causing delays for real estate agens across the country, whose clients are seeking federal loans. Unfortunately, the longer the federal government remained shut down, the more difficult it was to get certain paperwork and funding processed. During the government shutdown, United States Department of Agriculture (USDA) employees, which process loans for some rural real estate purchases, were furloughed without pay. It caused the agency’s loan processing to come to a near standstill. The shutdown kept the USDA from accepting new loans, and slowed the process to disburse...
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