USDA Rural Housing Loans

USDA Rural Housing Loans

USDA Rural Housing Loans Increasing Monthly Mortgage Insurance October 1, 2014

John Thomas September 7, 2014 Tags: , ,
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USDA Rural Housing Loans will be increasing the monthly mortgage insurance premium that is charged beginning on Guarantee Commitments assigned on or after October 1, 2014 as announced by Rural Development.  The monthly premium charged is currently based on an annual premium of 0.4% of the principle balance of the outstanding loan.  The annual premium is increasing to 0.5% effective with commitments issued on or after October 1, 2014.  It doesn’t matter if the loan application or the sales contract was dated prior to October 1, 2014.

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Delaware USDA Rural Housing Loan Property Eligibility Extended till 2020

John Thomas February 23, 2014 Tags: ,
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Delaware USDA Rural Housing Loan Program current eligible property areas have been extended until the 2020 Census data can be used to determine property eligibility with the passage of the 2014 Farm Bill H.R. 2642, the Agricultural Act of 2014.  President Obama signed the bill into law during the first week of February 2014.

Over 900 communities across the country were at risk of losing access to USDA Rural housing loans on October 1, 2014 when the 2010 Census data was going to be required to be used to calculate eligible areas replacing the 2000 Census data currently being used.  For Delaware home buyers this means that Middletown, Delaware and Smyrna, Delaware will continue to be eligible areas for USDA financing until post 2020.

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Delaware USDA Rural Housing Loan Income Limits for 2014

John Thomas February 6, 2014 Tags: , , ,
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Delaware USDA Rural Housing Loan Income Limits for 2014 remained the same as 2013 for each county in Delaware.  The income limits are based on the household income for the total number of people living in the home.  If you have questions about USDA Loans for the purchase or refinance of a home, please call 302-703-0727 or you can APPLY ONLINE.

The income limits for New Castle County, Kent County, and Sussex County are displayed below:

New Castle County Delaware Income Limits for USDA Rural Housing Loans for 2014:

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Delaware USDA Rural Housing Loan Eligible Property Areas Changing October 1, 2014

John Thomas August 28, 2013 Tags: , , ,
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Delaware USDA Rural Housing Loans Eligible Property Areas are Changing October 1, 2014

The eligible property areas for USDA rural housing loans in Delaware are changing on October 1, 2014 when Rural Development switching from using the 2000 US census date to determine eligibility based on population density to using the 2010 US Census.  The current areas that are eligible which will no longer be eligible are Middletown, Delaware and Smyrna, Delaware.

The USDA Rural Housing Loan offers 100% financing for borrowers looking to purchase homes in eligible areas that fall under the household income limit.  The income limit is based on the number of people in the household and on which county the property is located in Delaware, Delaware USDA Loan 2013 Income Limits.  The New Eligible Property Areas Map effective October 1, 2013 by county are displayed below:

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Delaware USDA Rural Housing Loan Income Limits for 2013

John Thomas August 28, 2013 Tags: , , ,
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Delaware USDA Rural Housing Loan Income Limits for 2013 are based on the county and the number of people in the household.  If you have questions about USDA Rural housing Loans or would like to Apply for a USDA Rural Housing Loan, call 302-703-0727 or APPLY ONLINE.  The following table shows the income limits for each county in the State of Delaware:

New Castle County Delaware Income Limits for USDA Rural Housing Loans for 2013:

1-4 Person                                     5-8 Person
$0 – $93,450                           $0 – $123,354

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Delaware USDA Rural Housing Loan Guideline Updates October 1, 2012

John Thomas October 4, 2012 Tags: , , ,
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Delaware USDA Rural Housing Loan Guideline Updates that took effect October 1, 2012.

Delaware USDA Rural Housing Loan Guideline Updates from John R. Thomas with Primary Residential Mortgage

USDA Rural Housing Loan Program changed the monthly mortgage insurance premium charged on USDA mortgages from 0.3% to 0.4% effective on conditional commitments issued on October 1, 2012 and after.   USDA also changed the Gurantee fee it charges for refinances.  The guarantee fee on refinance transactions increased from 1.5% to 2.0% effective October 1, 2012.  The Guarantee Fee on purchase transactions remains the same at 2.0%.

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Delaware USDA Rural Housing Loan Income Limits for 2012

John Thomas May 23, 2012 Tags: , , , ,

Delaware USDA Rural Housing Loan Income Limits for 2012 are based on the county and the number of people in the household.  If you have questions about USDA Rural housing Loans or would like to Apply for a USDA Rural Housing Loan, call 302-703-0727 or APPLY ONLINE.  The following table shows the income limits for each county in the State of Delaware:

New Castle County Delaware Income Limits for USDA Rural Housing Loans:

   1-4 Person                                     5-8 Person
$0 – $93,450                           $0 – $123,354

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Delaware USDA Rural Housing Loans – Lapse in Funding October 1, 2011

John Thomas October 7, 2011 Tags: ,

Delaware USDA Rural Housing Loans are now subject to a lapse in funding as Rural Development is only issuing “Contingent Conditional Commitments,” subject to the “availability of commitment authority” as there are currently no more funds available for guaranting loans as of October 1, 2011. Therefore most lenders have ceased funding USDA Rural Housing Loans.
Primary Residential Mortgage is still originating and funding these loans with the contingent commitment and will do so until funding is restored. If you received a commitment from Rural Development prior to October 1st then you will be fine if not you will need to check to see if your lender will still fund the loan and won’t have any delays. If you cannot get your loan funded, please call us at 302-703-0727 and we can get your loan closed for you.  You can also APPLY ONLINE for a Delaware Mortgage.

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