A USDA Loan was the only 100 percent Financing available locally and helped a ton of first time home buyers.  This type of loan also allowed the Seller to pay closing costs.

This is the latest news reported by Realtor Magazine Daily News:

The restoration of the single-family rural housing program that would guarantee home loans for rural buyers was passed by the Senate today and is on its way to President Obama.
The National Association of REALTORS® has vigorously lobbied to restore funding for the rural program since last March, and hailed this development as a great victory for rural home buyers.

“This is going to be a great lift for thousands of rural home buyers who need to close on their home purchases before Sept. 30 to take advantage of the home buyer tax credit,” said NAR President Vicki Cox Golder. “Many rural families would have been left out in the cold without these guaranteed loans. Increasing the commitment authority will help rural families, support local housing markets, create jobs and generate new tax revenues.”

“The rural housing program is a good example of the kind of program needed for responsible and qualified home buyers who bring common sense to the housing market,” said Golder. The legislation increases the guarantee fee for borrowers, but allows the fee to be financed. “This change will make the program completely self-sufficient,” she said.

Golder thanked Sen. Michael Bennet (D-Colo.), and Reps. Paul Kanjorski (D-Pa.) and Shelley Moore Capito (R-W.Va.) for moving the bill to passage in both houses.

The legislation was part of H.R. 4899, “The Emergency Supplemental Appropriations Act” that the Senate passed today. The measure increases the Rural Housing Service commitment authority allowing guaranteed loans; previously, RHS has been providing conditional commitments. The RHS is expected to announce new guidelines shortly after the president signs the bill.

30 Year Fixed Rate   5.375% 

JUMBO >$417,000

30 Year Fixed JUMBO  6.25%

GOVERNMENT LOAN PROGRAMS

FHA 30 Year Fixed  5.375%

VA 30 Year Fixed  5.375%

USDA 30 Year Fixed  5.50%

Need a Great Lender, Try Suzanne!

Suzanne Blackwell

Mortgage Loan Originator

Peoples Bank

6125 Hwy. 16 South

Denver, NC  28037

PH: 704-483-3050

FAX:  704-483-7550

CELL:  704-746-5676

The U.S. Department of Housing and Urban Development (HUD) announced on May 29 that the Federal Housing Administration (FHA) will allow state housing finance agencies to provide second mortgages “monetizing” the tax credit so that borrowers can use the funds toward their down payments and closing costs for the purchase of homes with FHA-insured mortgage loans.

“This is great news for thousands of families who want to take advantage of today’s low interest rates, competitive prices, great selection and the federal tax credit that is only available until Nov. 30, but could not save enough money for a down payment and closing costs,” said National Association of Home Builders Chairman Joe Robson, a home builder from Tulsa, Okla.

HUD also announced that FHA-approved lenders may purchase the tax credit from the home buyer in advance, so that the home buyer can use the funds for closing costs or to make a down payment in addition to the 3.5% minimum. Home buyers who go directly to FHA-approved lenders will still need to come up with the 3.5% minimum down payment that is required for an FHA-insured loan.

Home buyers previously would be able to use the funds from the tax credit only after filing their federal tax returns and had to come up with the pre-purchase costs on their own.

NAHB estimates that 40,000 more homes will be purchased due to the new FHA monetization program, in addition to the 160,000 sales already expected as a result of the tax credit.

The National Council of State Housing Agencies has a list of states offering first time home buyer tax credit loan programs on their website, www.ncsha.org.

3 Cherry Way - A New 55 and over Community Coming to Denver, NC!

If you were waiting for the bottom, I think we are there!

30 Year Fixed - 5.25%

30 Year  Fixed JUMBO – 6.125%

GOVERNMENT LOAN PROGRAMS                                         

FHA 30 Year Fixed  - 5.25%                        

VA 30 Year Fixed  – 5.375%                                                                            

USDA 30 Year Fixed – 5.375%

Wellesbourne Lane off Island Pointe Road in Sherrils Ford - Waterfront at $900,000

30 Year Fixed Under $417,000 – 5.125%

30 Year Fixed Above $417,000 – 6%

FHA 30 Year Fixed – 5.25%

VA 30 Year Fixed – 5.375%

USDA 30 Year Fixed – 5.5%

Please note that USDA Financing can be used in ALL OF LINCOLN COUNTY!  USDA offers 100% financing, which is hard to come by these days!

Special Thanks to Suzanne Blackwell for her Weekly Updates!

The structure for the USDA Guaranteed Rural Housing Program that will be implemented by USDA Rural Development was planned on April 20, 2009.

In summary, the current income limit structure that is based on household incomes from one to eight persons would be restructured as follows:

􀂃 1-4 person households would be qualified using only the 4-person limit.

􀂃 5-8 person households would be qualified using only the 8-person limit.

For example, the current base income limit for all non-high cost counties is:

Under the new income limit structure for non-high cost counties, those income limits would be: